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Crude oil slips as a stronger dollar weighs on WTI and gasoline
Oil flows through the Strait of Hormuz have fallen sharply, with the seven-day average dropping to about 5.5 million bpd from 9.4 million bpd before a ceasefire collapse.
Crude oil prices declined on July 16, as a stronger US dollar weighed on sentiment, according to Yahoo Finance. August WTI crude oil (CLQ26) was down 0.30%, while August gasoline (RBQ26) fell 0.27%.
The drop comes as geopolitical risks continue to tighten global supply, with the US launching fresh airstrikes on Iran and striking a sanctioned Iranian oil tanker in the Persian Gulf. Iran responded by firing on American bases in Kuwait and Jordan, and the Jordanian government said it intercepted eight missiles.
Yahoo Finance said President Trump pledged to intensify military action until Iran stops attacking ships in the Strait of Hormuz and agrees to open the waterway. The International Maritime Organization warned it is too dangerous to cross the strait, and visible transit has fallen sharply in recent days.
Bloomberg calculations cited by Yahoo Finance, using vessel-tracking data and information from Kpler and Vortexa, showed the seven-day moving average of oil flows through the Strait of Hormuz, including Iranian supplies, has slumped to about 5.5 million bpd through Wednesday from 9.4 million bpd before the ceasefire collapse. The report also noted support from a record-high crude crack spread and ongoing Ukraine drone attacks on Russian oil infrastructure, with Russian crude production at 8.928 million bpd in June, the lowest in 2.5 years based on OPEC data.
Latest closeWTI crude $79.00 ▼0.8%|Gasoline (RBOB) $3.114 ▼5.7%