Oil nears $100 as Strait of Hormuz standoff persists
Global oil prices are climbing steadily as tensions between the United States and Iran show little sign of easing, keeping the strategically vital Strait of Hormuz effectively closed, reports a Qazinform News Agency correspondent.
Benchmark WTI crude oil is now approaching the $100 per barrel mark, supported by supply concerns and stalled diplomatic efforts. According to recent reports, Tehran has proposed reopening the strait if Washington lifts its blockade, with nuclear negotiations to follow. However, U.S. President Donald Trump has insisted that any deal must be reached before restrictions are eased.
Analysts say this deadlock could prolong supply disruptions, maintaining upward pressure on prices. Market momentum has strengthened after crude broke above the $93 resistance level, signaling continued bullish sentiment.
If the rally continues, the next key target is around $105 per barrel, where sellers may attempt to push prices lower. Conversely, a drop below $93 could trigger a correction toward the $78 support zone.
Short-term trading patterns indicate sustained buying interest, although volatility remains high due to geopolitical uncertainty. The situation underscores how sensitive global energy markets remain to developments in the Gulf region.
Earlier, Qazinform News Agency reported that Seyyed Abbas Araghchi said late Sunday that his discussions in Muscat with Omani officials included measures to ensure safe transit through the Strait of Hormuz.