Oil prices may be dipping, but the big picture shows a solid 20% monthly gain for both Brent and WTI. Market watchers are wary of a looming flood of oil once tensions ease, while tanker traffic through the Strait of Hormuz remains low—though some suspect shipments are quietly resuming with transponders off. Thirteen million barrels are reportedly leaving the Persian Gulf daily. Meanwhile, the U.S. Strategic Petroleum Reserve is running low, and its upcoming depletion could push prices higher. Saudi Arabia is also rallying 14 allies—including Turkey and Pakistan—to boost security in the Bab el-Mandeb and Gulf of Aden, reinforcing regional defenses.
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