Brent Holds Near $105 as Iran Drone Attacks, Hormuz Tensions Persist

ICE Brent remains rangebound near $105 as frequent Iranian drone attacks on tankers and ongoing Hormuz transits establish a new equilibrium, while Hurricane Isaias-related Gulf of Mexico shut-ins fade to 200,000 b/d. The market appears to have priced in current geopolitical risk, but any escalation in the Strait of Hormuz could break the range. This matters because oil prices at this level reflect persistent supply-side risk premium that could spike on a direct disruption to tanker traffic.