Hormuz traffic expected normal by 2026; odds now at 54.5%. US-Iran tensions spike fuel prices in July, with tanker incidents near Oman.

According to a report released in July, there was a significant increase in petrol and oil prices due to escalating tensions between the US and Iran. The heightened concerns were triggered by restricted weekend transits and incidents involving tankers near Oman, which raised alarms about the security of shipping through the Strait of Hormuz. The prices of petrol and oil saw a substantial rise following these developments.