The Oil market remains driven by geopolitical risk around the Strait of Hormuz following renewed optimism for a US￾Iran peace deal, Iran rejecting Oman’s shared-control proposal and renewed attacks on tankers. 

Tehran’s demand for greater control over shipping lanes has weakened hopes for a quick diplomatic resolution and heightened concerns over disruptions to this critical oil and

LNG route. Although positive comments from the United States have occasionally eased prices, renewed military activity, shipping restrictions and the closure of other strategic routes such as Bab el-Mandeb continue to sustain a substantial risk premium and freight cost, with Brent

trading around $88 per barrel.