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Geopolitical risk lifts September WTI crude by more than 11%
September WTI opened near $72.50, climbed above $80, then eased slightly by Thursday’s close as U.S. and Iranian actions renewed supply disruption fears.
September WTI crude oil logged its strongest weekly gain in months, rallying over 11% as traders rebuilt a geopolitical risk premium into prices, according to OilPrice.
The contract opened the week near $72.50 and moved above $80 before easing slightly into Thursday’s close. The advance marked a reversal from the prior two weeks, when optimism about improving oil flows through the Strait of Hormuz had weighed on prices.
Renewed military action between the United States and Iran shifted the market back toward supply disruption risk. OilPrice cited intensified fighting over the weekend, including new U.S. airstrikes near Iran’s southern coast followed by Iranian missile and drone attacks on U.S. positions, plus Iran’s threat to interfere with shipping routes including the Strait of Hormuz.
The report also pointed to support from fresh U.S. inventory data, with the U.S. Energy Information Administration reporting that crude inventories moved as the market repriced the likelihood of tighter supplies, noting that about one-fifth of the world’s seaborne crude oil moves through the Strait of Hormuz.
Latest closeWTI crude $79.00 ▼0.8%