Brent Crude Jumps to $83.55 on Iran's Hormuz Vessel Ban Bill — With No Supply Disrupted

Brent crude settled at $83.55 a barrel on August 7, up over $4 in two sessions, after Iran's legislature reviewed a bill to ban U.S. and Israeli vessels from the Strait of Hormuz. Oil and LNG supplies continued flowing through the chokepoint uninterrupted. Prices are pricing geopolitical risk, not a supply shock. The Strait carries roughly one-fifth of global oil consumption.