Brent crude climbed to $91.53 per barrel, while West Texas Intermediate reached $85.47. The volatility follows a breakdown in U.S.-Iran negotiations and a Tuesday report from the United Kingdom Maritime Trade Operations regarding a cargo ship struck by an unidentified projectile. While President Trump maintains that the waterway remains open, ongoing reports of tankers executing emergency U-turns indicate that Tehran’s effective control over the passage is disrupting global energy flows.

Sparta Commodities analyst June Goh noted that heightened risks from Iranian and Houthi-linked strikes are keeping prices elevated. To mitigate the blockage, Gulf producers are aggressively seeking alternatives. Saudi Aramco is currently marketing Arab Medium and Arab Heavy grades via ship-to-ship transfers off the coast of Oman, specifically utilizing terminals in Sohar. If these bypass routes prove sustainable, analysts suggest they could eventually allow for the recovery of shut-in production volumes, providing a necessary buffer against the current geopolitical deadlock.