Oil stays elevated as Hormuz tanker traffic falters

What happened

• Brent last traded at $90.12 a barrel and WTI at $84.67, each up about a dollar, Telesur reports.
• Several tankers turned back from the strait, prompting operators to reroute; it normally carries about 20 percent of world crude and gas.
• Traffic through Hormuz has dropped sharply since late February, when the US-Iran conflict escalated.
• After a pause, strikes resumed on Iranian military sites; Iran hit back at US bases in Jordan and Gulf states.
• Oil fell about 6 percent over the past week, against the 24 percent monthly gain.

The view from outside

Telesur, reporting from outside the conflict, ties the price floor to US commercial crude stocks at their lowest since 2018, citing the Energy Information Administration, and gives room to critics who argue Washington's blockade and strikes worsened the disruption.

What could happen next

• Traders are watching for de-escalation; Telesur says diplomacy has not kept pace with military developments.
• No timeline is given for restored refining flows, leaving open how long pump prices stay high.
• Fuel costs are becoming a domestic issue before the US congressional elections in November.