SINGAPORE — The past four months have demonstrated just how volatile oil markets can be. In March, Brent crude climbed above $100 a barrel for the first time in four years, reaching $119 on March 9 — its highest level since the 2022 energy crisis — as Iran’s closure of the Strait of Hormuz brought tanker traffic to a near-standstill. Prices remained elevated for months and were still above $105 in mid-May.
After the United States and Iran agreed to a ceasefire in June and began negotiations on a permanent settlement, the strait gradually reopened, though the process has been repeatedly interrupted by renewed clashes. As a result, prices declined sharply, falling into the low $70s by late June, before ticking up again with the resumption of hostilities.