Global oil markets remained elevated on Thursday, with Brent crude holding above the $100 per barrel mark as geopolitical tensions between the United States and Iran continued to disrupt supply routes and keep traders cautious. Brent crude futures traded around the $102–$103 per barrel range, extending gains for a fourth consecutive session as uncertainty around diplomatic efforts between Washington and Tehran showed little sign of easing. Market sentiment remains heavily influenced by developments in the Strait of Hormuz, a critical chokepoint for global energy flows. Reports indicate continued disruption to maritime traffic, including interceptions of vessels and restrictions affecting commercial shipping in the region. The situation has raised concerns over supply security, particularly for Asian and European import markets heavily dependent on seaborne crude flows. At the same time, the United States has maintained pressure through restrictions on Iranian oil exports, while diplomatic efforts remain stalled despite a declared ceasefire framework that has yet to translate into sustained negotiations. Iranian officials have signalled limited willingness to re-engage under current conditions, keeping markets in a state of uncertainty. On the supply side, data from the U.S. Energy Information Administration (EIA) points to tighter domestic fuel inventories, with draws in key refined products suggesting steady demand from both consumption and export markets. This has added further support to prices, reinforcing the upside momentum seen in recent sessions. READ ALSO Reading the Cedi: Signs of Stability, Signals to Watch Towards a Successful Diaspora Bonds Issuance: 9 Strategic Recommendations for Policy Direction A Quiet Ownership Revolution: Ghanaian Firms Reclaiming the Economy Through the Stock Market Analysts note that the combination of geopolitical risk and tightening product inventories has created a layered price floor, with physical supply risks in the Middle East now interacting with strong underlying demand fundamentals. However, despite the current strength in prices, market direction remains highly sensitive to developments in diplomacy and maritime security, particularly around the Strait of Hormuz, where even small shifts in access or enforcement have historically triggered sharp price reactions. For now, oil markets remain suspended between two forces: fragile diplomatic signalling on one side, and persistent physical supply risk on the other, keeping Brent crude firmly anchored above the $100 threshold. Share this: Share on X (Opens in new window) X Share on Facebook (Opens in new window) Facebook Like this:Like Loading... Related