Global oil markets rebounded as crude futures moved into positive territory, driven by ongoing concerns over supply disruptions following the continued closure of the Strait of Hormuz, one of the world’s most critical energy shipping routes. The development has heightened market anxiety over the stability of global oil flows, as reported by Reuters.
Benchmark Brent crude for May delivery rose about 2.7 percent to roughly $103 per barrel, while West Texas Intermediate for April gained around 3.1 percent to about $98.7 per barrel, reversing earlier losses during the trading session. Prices initially fell after reports suggested a tanker had successfully passed through the strait, but the information was later corrected, triggering renewed buying in the market.
The Strait of Hormuz, located between Iran and Oman, carries roughly one-fifth of the world’s seaborne oil shipments, making it a critical chokepoint for global energy supply. Any prolonged disruption to traffic through the corridor can quickly tighten supply and push prices higher.
Market analysts warn that continued instability in the Middle East could keep oil prices volatile in the near term. Financial institutions including Goldman Sachs have indicated that crude prices may remain above the $100 per barrel mark if tensions persist and shipping routes remain constrained.
