Oil Prices Near $100 Amid Hormuz Disruptions

Oil prices surged toward $100 per barrel on Friday amid ongoing disruptions in the Strait of Hormuz, despite a recent US-Iran ceasefire agreement that has failed to restore normal shipping traffic through the vital waterway. The Strait, which handles about 20 percent of global oil flows, remains effectively restricted by Iranian naval presence and regulatory hurdles, complicating supply chains and fueling market volatility in major trading hubs like London and New York.

The ceasefire, announced earlier this week by US President Donald Trump as a two-week pause to facilitate peace talks, initially prompted a sharp drop in prices, with Brent crude falling to around $90 per barrel on Wednesday. However, tensions escalated quickly when Israel conducted airstrikes on Lebanon, prompting Iran to halt tanker traffic through the Strait once more. Trump accused Iran of violating the deal on his Truth Social platform, stating, "Iran is doing a very poor job, dishonorable some would say, of allowing oil to go through the Strait of Hormuz. That is not the agreement we have!" Iranian officials have maintained control over transits, with only limited commercial vessels passing in recent days,...