Oil: Hormuz Conflict Keeps Prices Elevated – BNY

Brent crude briefly rose above $91.85 per barrel, the highest level in more than three weeks. Waning expectations for a swift reopening of the Strait of Hormuz, President Trump's refusal to reinstate the US-Iran ceasefire agreement, and ongoing shipping disruptions have fueled concerns over escalation and prolonged supply, underpinning Brent, WTI, and Middle East benchmark oil prices.