Oil Stays Sub-$100 After History-Making Supply Shock

Crude prices remain below $100 a barrel despite the closure of the Strait of Hormuz that wiped out more than 10 million barrels per day of Middle Eastern supplies. A mix of record US exports, weaker Chinese demand, and a broad release of strategic reserves plus rerouted shipments have absorbed much of the shock. With inventories tightening and China’s buying faltering then rebounding, the market has shown resilience, but traders warn that persistent disruptions or a durable Iran deal could still spark a sharp price move as buffers dwindle.