Oil Holds Under $100 After Hormuz Shock, Fueled by Workarounds

Despite the Strait of Hormuz being effectively blocked for more than three months, crude prices remain below $100 a barrel thanks to record U.S. exports, a slowdown in Chinese demand, and workarounds that keep crude flowing through alternative routes. A pre-war surplus and steady shipments help absorb the shock, but global inventories are draining at a record pace, leaving the market vulnerable to further disruptions and potential price spikes as spare supply dwindles.