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WTI rises as restricted Strait of Hormuz keeps oil supply tight
October WTI futures were up 5.9% for the week at $86.31, after shipping traffic through the Strait stayed in the single digits and did not rebound.
Oil prices moved higher in late Thursday trade, with October WTI crude oil futures quoted at $86.31, up $4.82 or 5.9% for the week, after opening at $81.62 and ranging from $80.80 to $87.69, OilPrice reported.
The rally was linked to the absence of the expected Iran deal, alongside ongoing restrictions affecting the Strait of Hormuz, which the outlet said is operating far below normal and remains the central driver of the market.
OilPrice cited shipping data from Kpler showing five commodity vessels passed through the strait on Saturday and none were registered Sunday, with traffic later slipping to six vessels from nine the previous day before showing no improvement on Wednesday.
The outlet added that while Saudi Aramco resumed some loadings inside the strait and offered cargoes via transfers off Fujairah, the changes did not amount to a reopening, because refineries still need cargoes they can schedule, insure, and receive on time.
Latest closeWTI crude $82.40 ▲1.4%