Oil Prices Hang by a Thread as Hormuz Deadlock Continues The Strait of Hormuz has been closed for some time, and oil prices have hovered below recent peaks despite initial optimism that an agreement would be reached soon.
However, analysts warn that current market dynamics may not last, and prices could surge further if the deadlock continues.
The recent drop in oil prices was largely attributed to Washington's signals that a deal with Tehran was imminent.