Brent holds above $100 despite Hormuz flow recovery; structural tightness persists

Brent crude remains above $100/bbl for a month even as tanker-tracking shows Strait of Hormuz flows recovered to pre-war levels. The persistence suggests the market is pricing in structural tightness—spare capacity, inventory draws, or demand resilience—rather than a simple supply disruption. Uncertainty centers on whether the price floor is durable or a lagged response to the earlier shock.