Oil Price Today: Brent Climbs as Hormuz Risk Reprices the Barrel
Brent crude traded near $107 a barrel and WTI at $101 on Tuesday as OPEC output fell by 830,000 barrels per day in April, the lowest in over 20 years. Saudi Aramco warned the market is losing about 100 million barrels a week with only a handful of tankers crossing the Strait of Hormuz daily. Traders cited stalled U.S.-Iran talks and ongoing Hormuz disruptions as key drivers. Prediction markets see a slow return to normal traffic.