Despite the continued closure of the Strait of Hormuz, a critical chokepoint for global oil shipments, international crude prices have hovered in the low-to-mid $90s per barrel rather than spiking, according to a report from Philstar Biz.
The relative calm in oil markets contrasts with historical supply disruptions, where even minor threats to Hormuz have sent prices soaring. Analysts suggest that strategic stockpiles, increased production from other regions, and a potential slowdown in global demand may be cushioning the impact of the prolonged closure.
If the situation persists, however, the price stability could prove temporary. Market observers warn that any further escalation or unexpected supply cuts might quickly reverse the current lull, raising costs for import-dependent economies like the Philippines.