Analysis: International Oil Prices Remain High, Strait of Hormuz Blockade Remains Primary Concern

Odaily News International oil prices remain high, with Brent crude futures holding steady above $100 per barrel, despite U.S. measures to temporarily allow countries to purchase Russian oil already at sea to increase global supply. Ipek Ozkardeskaya, an analyst at Swissquote Bank, stated: "These quick measures are unlikely to alleviate the pressure." The primary concern in the oil market remains the blockade of the Strait of Hormuz. U.S. Treasury Secretary Besant called for the formation of an international coalition to escort tankers through the strait "as soon as militarily feasible," despite the new Iranian leader's vow to continue blocking the waterway. (Jin10)