Oil rally extends as Strait of Hormuz reopen hopes fade
Brent crude rises for a fifth day to $90/barrel as markets doubt a U.S.-Iran deal will quickly reopen the key shipping lane.
Diplomatic optimism from U.S. officials about a near-term agreement with Iran is failing to convince oil markets that the Strait of Hormuz will soon be safely reopened. Skepticism about a quick breakthrough has instead extended the recovery in crude prices.
Brent futures advanced for a fifth consecutive session on Tuesday, touching $90 a barrel — the highest level in seven days. The sustained climb reflects traders pricing in a prolonged supply-risk premium for the critical chokepoint.
The rally underscores lingering concern that Iranian oil flows will remain constrained, even as Washington talks up the prospect of de‑escalation.
Source: FXStreet Forex News