Analyst: Navigation in the Strait of Hormuz Unclear, Difficult to See Oil Prices Sustaining Below $100

Odaily News Market hopes for a de-escalation of the Iran conflict are encouraging but may be premature, as tensions remain high and navigation through the Strait of Hormuz is still restricted. Forex.com market analyst Fawad Razaqzada stated: "We have seen crude oil pull back, but Brent crude futures holding around $100 per barrel indicates the market is not yet fully convinced. Without a clearer timeline for reopening, and more importantly, a lack of credibility, it is difficult to see oil prices sustainably falling below $100." (Jin10)