Hormuz Flashpoint Sends Brent Above $100 as US–Iran Ceasefire Strains
Brent crude spiked as much as 7.5% after the US and Iran exchanged fire in the Strait of Hormuz, a key conduit for global oil and gas flows, before easing to about $101/bbl. Despite public signals of restraint, near-standstill shipping conditions and a reported 14.5 million bpd shortfall are sustaining elevated disruption risk and market volatility.