Oil prices stay high as few ships pass through the Strait of Hormuz

Oil prices remain elevated because a shipping stalemate in the Strait of Hormuz is continuing. Very few tankers have passed through the critical waterway, even after a ceasefire was announced.

Analysts at JP Morgan warn that oil could reach $120 per barrel if the situation drags into July. European airports have also warned of potential jet fuel shortages if the strait remains effectively closed.