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Oil prices rise as Strait of Hormuz traffic falls to single digits

WTI was up more than 2% to $83.55 and Brent about 2% higher at $90.33 as ship traffic volumes and LNG transits across the strait remain sharply reduced.

Reported · Written up by our desk · Energy

Oil prices opened higher as tensions between the United States and Iran escalated near the Strait of Hormuz, with the region’s daily ship traffic falling back to single digits. Forexlive said Iran’s attacks on ships and a renewed US blockade have kept movement constrained, with practically zero LNG tankers crossing and only high-risk transits reported.

The outlet added that the limited traffic is mostly confined to Iranian or Chinese-linked vessels using the northern corridor, while missile exchanges between the two sides continued after a ceasefire deal broke down.

Higher oil prices are helping underpin crude gains and also keep broader markets on edge, the story said, particularly if bond yields continue to rise. At the open, WTI crude was up over 2% to $83.55 and Brent was up about 2% to $90.33.

In parallel, Forexlive reported modest moves in risk and FX, with S&P 500 futures up 0.2% and Nasdaq futures up 0.5%, while EUR/USD was flat at 1.1443 and USD/JPY at 162.33. Gold was up 0.1% to $4,019 and silver rose 1.7% to $56.85 as markets looked toward European trading.

Latest closeGold $3,981.40 ▼1.6%|Silver $55.72 ▼2.4%|WTI crude $79.00 ▼0.8%

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