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Oil prices firm as Strait of Hormuz tanker traffic slows further

Kpler data cited by Reuters showed only five commodity vessels passed Hormuz on Saturday, down from 31 the prior weekend, while Brent traded near $88.6 per barrel.

Reported · Written up by our desk · Energy

Tanker traffic through the Strait of Hormuz slowed further over the weekend, supporting firmer oil prices, according to OilPrice citing Kpler data reported by Reuters.

At the time of writing, Brent crude was trading around $88.62 per barrel and West Texas Intermediate around $82.18 per barrel. Earlier in the session, Brent briefly broke above $89 per barrel before pulling back.

Only five commodity vessels passed the Strait of Hormuz on Saturday, and none were scheduled to transit on Sunday, the data showed. OilPrice noted the Kpler figures do not include some tankers that transit in so-called dark mode, and said the prior weekend saw 31 tankers pass.

The article links the upward pressure in oil to recent developments, including reports of attacks on tankers in the Persian Gulf, including allegations by the United Arab Emirates that Iran struck ADNOC tankers. It also pointed to statements from Iran’s foreign minister and the U.S. president that added to price pressure.

Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%

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