2026.07.0910:24:54UTC+00Oil Holds Gains as Hormuz Risks Return

Crude oil hovered around $73.50 per barrel on Thursday, holding onto gains after a 4.4% surge in the previous session—its strongest daily advance since May—as markets reassessed the outlook for Middle Eastern supply amid renewed US–Iran tensions. The latest escalation, including additional US strikes on Iran and retaliatory attacks on American bases in the region, has once again put the Strait of Hormuz at the center of energy market concerns.

Still, the extent of any disruption to oil flows through this critical shipping lane remains unclear. Vessel-tracking data indicate a drop in transits through Hormuz, with most observable traffic now concentrated along Iran-approved routes, while the US-backed Omani corridor has seen limited use. Despite the slowdown, traders highlighted that substantial volumes of crude were continuing to move through the strait before the ceasefire, with some shipments only appearing in tracking systems days later due to intermittent or restricted signal transmission.