Commodities
Home›Commodities›Energy›WTI stays near $80 as US-Iran tensions lift crude pric…
WTI stays near $80 as US-Iran tensions lift crude prices
WTI is about 18% above early-July lows, and sea traffic through the Strait of Hormuz has plunged again as hostilities resume.
WTI crude held close to one-month highs around the $80.00 area as tensions between the US and Iran escalated, with rival countries exchanging attacks for a sixth consecutive day, according to FXStreet. The US military also announced the return of a blockade for ships entering and leaving Iran, adding to price support.
Shipping through the key sea corridor has dropped sharply, with reports showing fewer vessels crossing the Strait of Hormuz than seen before the ceasefire, and in some cases even lower. The article notes that US President Donald Trump offered protection for cargo in exchange for a 20% fee, a move it says helped accelerate the recovery in crude prices.
FXStreet said the American Petroleum Institute is set to release its weekly crude oil stocks report later on Tuesday, with expectations that commercial oil reserves fell by 2.7 million barrels for the week of July. That would mark the 13th straight drawdown of crude stockpiles, potentially intensifying concerns about the economic impact of an oil supply shortage.
Latest closeWTI crude $78.04 ▲9.3%