Explainer-Why isn't oil above $100 despite supply disruptions?

Global oil prices remain under the $100 per barrel mark, despite substantial volumes continuing to move through the Strait of Hormuz.

Gulf producers are adapting by employing alternative shipping routes to counter any export deficiencies. Additionally, other oil-producing nations are boosting their output to compensate for supply shortages.

The drop in demand from major markets is also putting pressure on global oil pricing.