The past four months have demonstrated just how volatile oil markets can be. In March, Brent crude climbed above US$100 (3,363 baht) a barrel for the first time in four years, reaching $119 on March 9 -- its highest level since the 2022 energy crisis -- as Iran's closure of the Strait of Hormuz brought tanker traffic to a near-standstill. Prices remained elevated for months and were still above $105 in mid-May.
After the United States and Iran agreed to a ceasefire in June and began negotiations on a permanent settlement, the Strait gradually reopened, though the process has been repeatedly interrupted by renewed clashes. As a result, prices declined sharply, falling into the low $70s by late June, before ticking up again with the resumption of hostilities.
