Oil prices stable as Iran conducts war games in Strait of Hormuz

Core Viewpoint - Oil prices remained stable amid military exercises conducted by Iran in the Strait of Hormuz, a critical passage for global crude oil supplies Group 1: Oil Prices - U.S. crude oil increased by 53 cents, or 0.84%, reaching $63.42 per barrel [1] - Global benchmark Brent crude decreased by 29 cents, or 0.42%, to $68.36 [1] Group 2: Strait of Hormuz - Approximately one-third of all waterborne crude oil exports transit through the Strait of Hormuz, according to consulting firm Kpler [2] - Traffic through the strait was halted for several hours due to naval exercises conducted by the Islamic Revolution Guard Corps (IRGC) [1] Group 3: Military Tensions - The IRGC has indicated readiness to close the Strait of Hormuz if given the order, as stated by Rear Admiral Alireza Tangsiri [3] - Tensions between the U.S. and Iran are escalating, with President Donald Trump threatening military action if a nuclear deal is not reached [2] - Indirect talks between Iran and the U.S. took place in Geneva, Switzerland [2]