Hormuz Blockade Reaches 100 Days as Oil Markets Drift Without a Spike

Even after 100 days of the Strait of Hormuz being effectively closed, Brent prices sit around the mid- to high-$80s as inventories and alternative supply cushion the market. The true volume moving through Hormuz is uncertain because of 'dark trade' and evasive tankers, while restart timelines for blocked fields range from weeks to years. The market could stay stable for now, but prices could spike if supply remains constrained or drop further if reopening brings a flood of oil.