Brent crude rose to $103.13 per barrel, while West Texas Intermediate reached $89.53, both benchmarks closing the month in positive territory. The gains follow a brief midweek dip triggered by data suggesting regional oil flows were approaching pre-war averages. However, analysts remain skeptical that this supply recovery is sustainable, citing ongoing volatility in the Strait of Hormuz.

Sugandha Sachdeva of SS WealthStreet noted that while improved supply levels may eventually cap price growth, the market remains hypersensitive to potential escalations. Current data from Kpler indicates that while vessel traffic through the Strait of Hormuz has rebounded to approximately 13.2 million barrels daily, total output still trails pre-conflict levels. UBS analyst Giovanni Staunovo emphasized that this persistent shortfall keeps the global market undersupplied, ensuring that tanker transit risks continue to exert upward pressure on prices.