Oil Holds Near $103 as Hormuz Closure Enters 12th Week

Oil prices remain elevated with WTI near $103 per barrel and Brent near $107, driven by the ongoing 11-week closure of the Strait of Hormuz that has tightened global supply. An earlier unverified Iranian report of lifted U.S. sanctions sparked initial volatility and price swings, but market focus has shifted back to the persistent geopolitical supply shock ahead of the U.S. summer driving season. Equity futures showed modest pre-market gains with the S&P 500 above 7,400, while attention also turns to upcoming earnings from Nvidia and Walmart amid cautious sentiment.