Brent recovered to $91 after a morning dip, with the Hormuz risk premium still priced in

According to Reuters, republished by the SHANA news agency, oil prices steadied in volatile trade on Thursday, 30 July 2026 (8 Mordad 1405). North Sea Brent crude was up 26 cents, or 0.29 percent, at $91 a barrel by 09:56 GMT, having fallen as low as $89.02 in early trade the same day. US West Texas Intermediate traded 17 cents, or 0.20 percent, lower at $84.29 a barrel, after recording $83.21 earlier in the session. In a separate reading from the same day, Trading Economics recorded Brent at $89.47 and WTI at $83.84.

Tim Waterer, chief market analyst at KCM Trade, said a risk premium will stay priced into oil until safe passage for ships through the Strait of Hormuz is established. He said crude is still being supplied via alternative routes, but movement through the Strait of Hormuz remains constrained and safe passage is not guaranteed while hostilities continue.

The Strait of Hormuz normally carries about one fifth of global oil and gas flows. According to the report, disruption at the Bab al-Mandeb Strait has also affected global oil flows alongside Hormuz. Hamad Hussain, an analyst at Capital Economics, wrote in a note that with several maritime chokepoints disrupted and global oil inventories drawing down rapidly, prices are likely to move even higher than current levels.