Oil Rises as Trump Threatens New Iran Strikes; Hormuz Flows Depressed

Brent and WTI climbed over $1/bbl after President Trump threatened new strikes on Iran, following the first exchange of fire in weeks. Tanker traffic in the Strait of Hormuz remains a fraction of pre-war levels, with daily Persian Gulf oil flows averaging 6 million barrels per Kpler data. The escalation risk is high, but the market impact is partially priced in given the ongoing conflict.