Crude holds steady as traders await a significant escalation or de-escalation after ten nights of conflict in the Gulf region.
Oil prices remain near one-month highs, trading in a tight range as the US-Iran conflict enters its tenth consecutive night. Despite fresh attacks on tankers and Iranian claims of strikes on US assets, the market shows limited reaction, suggesting geopolitical risks are already priced in.
Recent sessions saw crude firming near recent peaks, though gains stalled amid reports of ceasefire mediation efforts. Prior attacks and escalation headlines had driven prices higher, but traders now demand concrete disruptions—such as a Strait of Hormuz closure—to push values further.
A UK military report confirmed another tanker strike in the Strait of Hormuz, while Iran claimed targeting US missile systems in Kuwait. Explosions were also reported in Bandar Abbas, yet oil’s response has been muted, reflecting market caution over incremental developments.