Brent crude futures are holding firm above the $100-a-barrel mark, extending a four-week winning streak as physical supply concerns intensify in the Middle East.
The price stability comes amid a sharp contraction in shipping activity through the Strait of Hormuz, a critical global energy chokepoint.
Traffic through the strait dropped to just one tanker on Thursday, marking the lowest daily volume recorded since May 7.
This near-total freeze in transit underscores the severity of the shipping disruption and reinforces the supply premium currently embedded in energy prices.
The bottleneck has become the primary driver of the recent rally, shifting market focus from demand forecasts to immediate logistical constraints.
The current price level represents a significant escalation from earlier in the month.