Brent crude trades at $104.21 despite heightened US-Iran tensions and a functionally closed Strait of Hormuz, reflecting muted market reaction.
Brent crude rose modestly to $104.21 per barrel, up 2.88%, while WTI remains below $100, despite renewed US-Iran tensions. Markets showed limited sensitivity to geopolitical risks, including a functionally closed Strait of Hormuz, a critical chokepoint for global oil flows.
Recent comments from US officials, including criticism of Iran’s peace terms, have done little to disrupt energy markets. Analysts note that US control over global energy supply chains may offset immediate supply concerns, particularly as China’s crude oil import volumes decline while values rise.
China’s April PPI data and trade surplus figures further highlight industrial pressures, though energy markets remain under strain. The muted reaction suggests markets may be pricing in broader supply chain dynamics rather than short-term disruptions.