Brent crude hits six-week high near $97 as Strait of Hormuz risks escalate

Brent crude oil prices climbed to six-week highs around $97 to $98 per barrel following weekend U.S. strikes on three Iranian oil tankers near Kharg Island and subsequent Iranian warnings of a maritime exclusion zone outside the Strait of Hormuz. Traders priced in severe risk premiums over fears of protracted shipping disruptions across Persian Gulf transit routes.

Why this matters. Sustained supply chokepoint risks at Hormuz threaten energy flow volumes and trigger upward price revisions across global refined product markets.