Brent Crude Prices Remain Elevated as Middle East Hostilities Intensify

Brent crude oil prices are fluctuating but remain near one-month highs, supported by escalating hostilities in the Middle East. The U.S. has intensified strikes against Iran, leading to concerns over supply disruptions. Tanker traffic through the Strait of Hormuz has reportedly fallen to two-month lows, with only seven vessels transiting the waterway on Wednesday, down from 13 the previous day. Brent traded below $85 on Thursday but remained near one-month highs.