Brent crude traded above $102 a barrel on Thursday amid high market volatility. A tense standoff between the U.S. and Iran continues in the Strait of Hormuz.
Iran seized two container ships on Wednesday. This blockade restricts a shipping lane responsible for approximately 20% of global oil trade.
Markets are pricing in significant risks of prolonged supply disruptions. These tensions overshadowed an extended ceasefire agreement.
U.S. Navy Secretary John Phelan abruptly resigned late Wednesday. The Pentagon provided no reason for his departure during this critical period for regional naval operations.
Stalled peace talks and dual blockades by the U.S. and Iran suggest no imminent resolution. Energy sector sentiment remains deeply pessimistic.