FacebookTwitterEmailLinkedin Global oil markets continue to face heightened volatility and uncertainty as the Strait of Hormuz, a critical global oil transit chokepoint, remains effectively closed more than three months after military action began on 28 February. According to the U.S. Energy Information Administration’s (EIA) short-term energy outlook, since then, shipping traffic through the waterway has been severely restricted. Brent crude oil spot prices averaged $107 per barrel in May, down $10 per barrel from April, marking the first monthly decline since December 2025. RelatedNews ITF warns transport workers remain at risk as 100-day Iran war escalates IMO Sec-Gen: No commercial reason justifies risking seafarer lives in Hormuz var jnews_module_21375188_0_6a293badae66c = {"header_icon":"","first_title":"Related","second_title":"News","url":"","header_type":"heading_8","header_background":"","header_secondary_background":"","header_text_color":"","header_line_color":"","header_accent_color":"","header_filter_category":"","header_filter_author":"","header_filter_tag":"","header_filter_cpt_post_tag":"","header_filter_cpt_tribe_events_cat":"","header_filter_cpt_web_story_category":"","header_filter_cpt_web_story_tag":"","header_filter_text":"All","sticky_post":false,"sticky_post_filter":false,"post_type":"post","content_type":"all","sponsor":false,"number_post":"2","post_offset":0,"unique_content":"unique1","include_post":"","included_only":false,"exclude_post":"21375188","include_category":"","exclude_category":"","include_author":"","include_tag":"1714,4346,1763,2882,2647","exclude_tag":"","exclude_visited_post":false,"post_tag":"","tribe_events_cat":"","web_story_category":"","web_story_tag":"","sort_by":"latest","show_date":"","date_format":"default","date_format_custom":"Y\/m\/d","pagination_mode":"disable","pagination_nextprev_showtext":"","pagination_number_post":"2","pagination_scroll_limit":0,"ads_type":"disable","ads_position":1,"ads_random":"","ads_ima