Hormuz Deadlock: Where oil prices could head next as prospects for an imminent deal fade

AI Summary

Oil traders remain hopeful for the reopening of the Strait of Hormuz amid geopolitical deadlock, but expect prices to fluctuate as prospects for an imminent deal diminish. The situation is critical given the strait's importance to global oil supply.

Oil traders keep clinging to hope that the Strait of Hormuz will reopen. That won't last forever.