Brent Crude Hits $83.55 as Iran Floats Hormuz Ban — No Supply Hit

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 kept flowing through the chokepoint, which carries roughly one-fifth of global oil consumption. Prices reflect geopolitical risk, not an actual supply shock.