Brent crude futures stabilized around $72 per barrel on Monday, as persistent geopolitical risks in the Strait of Hormuz continued to underpin energy markets.
The benchmark contract showed limited volatility, reflecting a market caught between supply disruption fears and broader demand concerns.
The Strait of Hormuz remains a critical chokepoint for global oil flows, with recent threats from Iran against tankers deviating from designated routes adding a premium to shipping costs.
This ongoing tension has prevented a deeper correction in crude prices, even as broader macroeconomic headwinds weigh on sentiment.
Traders are closely watching for any escalation in shipping disruptions or diplomatic developments that could alter the risk premium embedded in oil prices.
The current price level suggests that while immediate supply shocks are not fully priced in, the market is cautious about further upside without concrete evidence of route closures.