Crude Markets Maintain Six-Week Highs Amid Escalating Strait of Hormuz Tensions

Oil prices are sustaining levels near six-week highs as ongoing military friction between the U.S. and Iran continues to threaten crude transport through the Strait of Hormuz. The geopolitical instability has triggered significant supply chain anxiety, keeping energy markets on edge. In recent trading, Brent crude futures were recorded at $96.19 per barrel, a slight dip of 0.1% after reaching an intraday peak of $97.93—the highest valuation since July 24. Similarly, U.S. West Texas Intermediate (WTI) traded at $91.03 per barrel. These figures follow a robust rally last week that saw Brent climb approximately 8% and WTI surge nearly 10%. The market volatility follows reports from U.S. Central Command confirming strikes against three Iranian oil tankers, including a vessel near Kharg Island, as the cycle of maritime attacks continues to disrupt regional oil flows.