Brent crude settled at $101.21 per barrel and WTI at $96.05, their highest levels since late May. This price increase results from reduced oil flows through the Strait of Hormuz, a critical artery for global oil transportation affected by tanker attacks and military activities in the region. Geopolitical tensions between the United States and Iran, following recent U.S. strikes, are fueling market uncertainty. The market anticipates a 3.4% probability that crude oil will reach a new all-time high by September 30, compared to 13.5% by December 31.
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