WANA (Apr 08) – With Iran maintaining control over the Strait of Hormuz, oil prices—once below $70 before the U.S. and Israel’s military conflict with Iran—have now stabilized at $95 per barrel.

 

Global oil markets have settled at around $95 per barrel amid Iran’s ongoing management of the strategic waterway.

 

This comes as, prior to the outbreak of military tensions involving the United States and Israel against Iran, oil prices had averaged below $70.

 

Rising tensions and concerns over the security of shipping through the Strait of Hormuz—through which roughly 20% of the world’s crude oil passes—initially drove prices sharply higher, at times nearing $120 per barrel.

 

However, with discussions of a ceasefire and a relative easing of tensions, prices declined to around $90 and have since stabilized at approximately $95.

 

Economic analysts believe that Iran’s control over the Strait of Hormuz and its ability to influence critical energy transit routes play a key role in shaping global oil prices.

 

This dynamic not only impacts international markets but is also likely to drive the development of new energy strategies among both oil-producing and consuming nations.