Strait of Hormuz blockage persists; Brent volatility high near $100

Oil markets remain volatile as the Strait of Hormuz blockage continues, with Morgan Stanley reporting 13 million barrels per day still transiting. Brent for December delivery rose 2.5% to just above $100, while the expiring November contract settled at $103.5, indicating backwardation and persistent supply concerns. The ongoing disruption underscores elevated geopolitical risk premium in oil prices.