Oil Prices Surge as Hormuz Risks and Iran Deal Hopes Clash

Oil prices have surged, boosting profits for major producers like ONGC and BP, which reported earnings of $5.7 billion. The rally is driven by supply concerns, particularly around the Strait of Hormuz, where tanker traffic remains subdued despite President Trump's talk of peace. Markets are also pricing in a potential Iran deal that has not yet materialized, adding to volatility. Meanwhile, India's HPCL is buying Nigerian crude to avoid the Hormuz bottleneck, and China's EV boom is quietly reducing demand for oil, which could ease pressure on the chokepoint in the long term.