Oil Holds Near $92 as Markets Doubt Quick Hormuz Recovery

Oil benchmarks stabilized this week near $92 amid persistent US-Iran uncertainty over the Strait of Hormuz. Brent traded at $95.04 while WTI eased to $91.99–$92.31. Traffic remains at just 10% of pre-war levels despite Iran allowing 15 Japanese vessels—including four tankers—to transit on June 1. Roughly 57 loaded VLCCs stay stranded, with analysts warning many may not return quickly. Global inventories are drawing down rapidly at 1.7 million bpd as June emerges as the supply crunch point.