US Strikes Derail Hormuz Deal as WTI Rebounds Toward $91

Fresh US military strikes on southern Iran have scuttled hopes for a quick Hormuz reopening framework, reversing earlier optimism and sending WTI back toward $91 with Brent above $94. The conflict has now removed over 1.2 billion barrels from global supply since March, with the IEA warning of a 'red zone' by summer and inventories drawing at record pace. Diplomatic talks over a 30-day framework remain fragile as damaged infrastructure and security risks mean flows are unlikely to normalize before 2027, keeping structural upside pressure on prices elevated.