Oil prices have remained steady as peace negotiations between the United States and Iran have stalled, causing a slowdown in shipping through the Strait of Hormuz. Brent crude hovered around $88.52 per barrel while West Texas Intermediate was at $81.52. Daily transits through this critical corridor have dropped to single digits, a significant decline from pre-crisis levels. Market pricing assigns only a 2.9% probability of crude reaching a new all-time high by September 30, though the outlook is more favorable for year-end. Observers are closely monitoring US-Iran developments and upcoming announcements from OPEC and the International Energy Agency, which could shift current market expectations.
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