Hormuz Risks Keep Oil Subdued at $73.8 – Rabobank

Rabobank's Senior Macro Strategist Bas van Geffen pointed to renewed security concerns in the oil market after a cargo ship was reportedly struck near Oman, raising questions about the safety of shipping through the Strait of Hormuz. The incident comes at a time when the Iran deal remains fragile, adding to geopolitical uncertainty.

Despite the elevated risk, Brent crude is trading around $73.8, which sits at the lower end of its weekly range. The price action suggests that market participants are weighing the potential supply disruption against broader demand concerns, keeping oil prices subdued for now.