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WTI stays below $80.50 as Hormuz reopening talks stay uncertain
WTI is pressured by demand warnings after the IEA trimmed its global oil outlook and OPEC cut its 2026 demand growth forecast to 580,000 barrels per day.
West Texas Intermediate crude has held below $80.50 for a third straight day, trading around $80.30 per barrel during Friday’s Asian hours, as traders take a wait-and-see stance on diplomatic efforts aimed at reopening the Strait of Hormuz, FXStreet reports.
Despite the ongoing deadlock, oil continues to flow out of the Persian Gulf. FXStreet notes that some tankers are sailing with transponders switched off to reduce risk, while vessels moving through the strait still face persistent threats, and the U.S. says as much as 9 million barrels per day are transiting the waterway with support from expanding U.S. escort capacity.
Downside pressure is also coming from demand concerns. FXStreet says the International Energy Agency trimmed its global oil demand outlook, citing prolonged conflict and elevated prices weighing on consumption, and that OPEC lowered its 2026 global oil demand growth forecast to 580,000 barrels per day, its fourth consecutive downward revision.
TD Securities, as cited by FXStreet, added that near-term momentum easing has contributed to modest selling in WTI as some positions are pared back. The bank also argued that fundamental tightness across crude and product markets should ultimately help support further upside.
Latest closeWTI crude $81.19 ▼2.5%