Brent Crude Jumps as Iran Strait Offer Fails to Ease Supply Fears
Oil prices rose over 2 percent as vessel traffic through a critical chokepoint remained near historic lows despite diplomatic outreach.
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Brent crude jumped over 2 percent on Tuesday as Iran’s offer to reopen the Strait of Hormuz failed to calm market anxiety.
The move follows only eight vessel transits through the strait on Sunday, a sharp decline from 19 the day before.
Analysts note that the ongoing blockade has cut global oil output by 14.5 million barrels per day, a reduction that threatens supply chains. Shipping delays, damaged infrastructure, and the presence of mines create a backlog that will take months to resolve even if political talks advance.
What to watch next is whether vessel traffic accelerates and whether the diplomatic window widens enough to restart meaningful flows.
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