⛽ Global Oil Prices Dip on Increased Maritime Flows Despite US-Iran Tensions

• Market Movements & Pricing • Brent crude: Slipped 1.6% (-$1.44) to $87.59 per barrel. • WTI crude: Dropped 1.9% (-$1.59) to $82.00 per barrel. • Monthly Trend: Both benchmarks remain on track for a monthly surge of ~20%. • Key Drivers & Supply Chokepoints • Prices edged down as increased shipping flows through the Strait of Hormuz eased immediate supply fears, despite ongoing U.S.-Iran conflict and stalled diplomatic talks. • The Strait of Hormuz typically handles ~20% of global crude oil and liquefied natural gas (LNG) shipments but has faced severe blockades since February 28. • Maritime Defense & Security Coalition • Saudi Arabia is establishing a 14-nation multinational maritime defense coalition—supported by Egypt, Pakistan, Turkey, Sudan, and Djibouti—to safeguard critical energy chokepoints including the Bab el-Mandeb strait, Red Sea, and Gulf of Aden. • Economic Context • Fluctuations in global crude oil benchmarks directly impact national import bills and downstream energy & transport sector costs.