Oil prices fluctuate amid U.S.-Iran tensions and Strait of Hormuz blockade

Oil prices have experienced significant volatility as diplomatic efforts between the United States and Iran remain stalled. While U.S. President Donald Trump has extended a temporary truce indefinitely, Iran maintains control over the Strait of Hormuz, effectively restricting maritime traffic. Tensions escalated further after reports indicated Iranian forces seized or fired upon commercial vessels near the strait, including ships identified as Epaminondas and Euphoria. Simultaneously, the U.S. continues to enforce a naval blockade on Iranian ports, leading Tehran to state it will not reopen the shipping lanes under current conditions. Energy markets have responded to these disruptions with Brent crude fluctuating around the $100 per barrel mark. Data from Kpler suggests that global reliance on U.S. crude has surged, with a record number of tankers now heading toward American Gulf ports to fill supply gaps. Diplomatic negotiations in Pakistan were reportedly cancelled after Tehran signalled it would not participate.