Oil prices hold above $100 as Iran ceasefire falters
As the ceasefire between Iran and the United States exhibits signs of fragility, oil prices continue to stay above $100 per barrel. Tehran maintains its assertion of control over the Strait of Hormuz, a crucial passage that facilitates nearly 20% of the world’s oil supply. These persistent tensions pose a risk to crude oil shipments, contributing to sustained high prices in global markets.
Key facts
- Oil prices are holding above $100.
- The U.S.-Iran ceasefire is teetering.
- Tehran asserts its claim over the Strait of Hormuz.
- The Strait of Hormuz carries about one-fifth of the world's oil supply.
Entities
Locations
- Iran
- United States
- Strait of Hormuz
Sources
- Quartz —