Oil Drops Below $100 With Focus on Hormuz Flows, Diplomacy The oil market's recent decline has sparked concerns about a prolonged slump, particularly given the ongoing tensions between the US and Iran.
However, robust flows through the Strait of Hormuz, a critical chokepoint for global oil supplies, may indicate that the current price drop is more than just a brief blip.
Saudi Arabia's observed loadings from inside the Persian Gulf have jumped to their highest number since June, despite a tumultuous summer marked by drone attacks on key infrastructure and a subsequent shutdown of a major pipeline.