Commodities
Home›Commodities›Energy›Oil rises for fourth day as Strait of Hormuz traffic s…
Oil rises for fourth day as Strait of Hormuz traffic slows
Brent was near $91.5 per barrel and WTI about $85.5 as tanker-tracking data pointed to reduced flows through the chokepoint after the U.S.-Iran ceasefire broke down.
Crude oil extended gains for a fourth straight day as tanker-tracking data suggested traffic through the Strait of Hormuz has slowed further amid heightened rhetoric from both Iran and the United States. OilPrice reported that Brent was trading around $91.53 per barrel and WTI around $85.47 per barrel, two days after the expiration of the June ceasefire deal agreed by the U.S. and Iran, which later broke down in early July.
OilPrice said President Trump declared the Strait of Hormuz open, but Iran maintains it is still shut, and recent reports of tankers turning away from the chokepoint have aligned with that view. The latest reported incident, cited in the article, involved a cargo ship reportedly struck by an unknown projectile while transiting the strait, according to the United Kingdom Maritime Trade Operations.
The article also noted that analysts warned shipping risks were rising again as attacks from Iran and the Houthis remained prevalent in key chokepoints, helping support prices in the near term. OilPrice attributed the view to Sparta Commodities senior oil analyst June Goh, who added that Gulf producers were finding alternative export routes through the Gulf of Oman, which could, if sustainable, help increase shut-in production from affected producers.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%