Brent crude is trading around $84.3-$85.4 a barrel today.

Brent crude is trading around $84.3-$85.4 a barrel today. The price action reflects a physical reality where the Strait of Hormuz has seen traffic drop from roughly 130 daily transits before the February 28 war to between 8 and 15 vessels over a recent three-day window.

The International Maritime Organization has recorded 64 violent incidents and 17 seafarer deaths in the region since the conflict started. Iranian Foreign Minister Abbas Araghchi said an Iran-Oman arrangement defining temporary shipping routes is in its final stages, but reopening still depends on additional U.S. concessions including compensation and sanctions relief, with no direct U.S.-Iran talks underway.

Analyst Tim Waterer of KCM Trade points out that traders are waiting for tangible evidence such as verified tanker movements or a formal agreement before removing the oil risk premium. The disruption is being described in current reporting as the largest energy shock in recorded history, fundamentally altering global supply flows.

Despite this volatility, Asian stocks rose on Monday. Markets appear to be weighing possible Hormuz arrangements against Iran's conditions, alongside a softer U.S. jobs report supporting risk appetite, while navigating what remains a near-total collapse of transit through one-fifth of the world's oil supply route.

Not financial advice. For informational and educational purposes only.