The Strait of Hormuz blockade is cutting off over 10 million barrels per day of oil from the market, and with no visible resolution to the stalemate between the US and Iran, oil prices will remain elevated and volatile, bouncing on headlines but supported by fundamental supply disruption.
Large volumes of crude are still moving through the Strait of Hormuz and via pipelines, but disruptions are still removing barrels and refinery stress is keeping gasoline, diesel and jet fuel elevated; Brent is around $90 and supported, with risk of much higher prices if disruptions worsen.
Saudi Aramco and BP are benefiting from elevated oil prices due to the Iran conflict and Strait of Hormuz disruptions. Aramco maintains exports via Red Sea, while BP's trading arm profits from volatility and shortages, leading to strong net income beats.