Brent crude currently trades at $116.56 per barrel, while West Texas Intermediate stands at $103.35. These figures mark a significant surge of 11% and 14% respectively this month. Since late June, prices have climbed by over $40 for Brent and $34 for WTI. The market remains hyper-sensitive to reports of tanker attacks in the Strait of Hormuz, which continue to fuel a bullish sentiment among traders.

Saul Kavonic, head of energy research at MST Marquee, attributes the sustained price elevation to the lack of a viable diplomatic pathway and the likelihood of increased kinetic action. While exporters have managed to maintain shipments through logistical adjustments, analysts warn that further infrastructure damage could cause disruptions that simple rerouting cannot resolve. The pressure remains acute as geopolitical uncertainty mounts ahead of the November 3 U.S. midterm elections.