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WTI trades near $82.70 as Eastern Europe tensions weigh on crude
Russia says talks with Ukraine are stalled, while strikes on refineries and ports threaten export capacity even as Strait of Hormuz supply prospects improve only partially.
West Texas Intermediate crude slipped after two days of gains, trading around $82.70 per barrel during Asian hours Friday, according to FXStreet. The newsletter pointed to intensifying conflicts in Eastern Europe drawing attention away from the Middle East as a key factor pressuring WTI in the near term.
FXStreet cited reports that Russian President Vladimir Putin signaled negotiations with Ukraine have stalled, adding to investor anxiety around escalation. It also noted that persistent Ukrainian strikes on Russian refineries and ports are damaging energy infrastructure, which could limit Russia's ability to export crude and refined products.
On the offsetting side, FXStreet said market focus has been partly steadied by reports of improved supply prospects through the Strait of Hormuz tied to a new revenue sharing agreement between Iran's military and Oman. However, Tehran has emphasized that the compromise does not mean an immediate or full reopening of the strait, leaving global energy flows uncertain.
MUFG analysts cited by FXStreet said any recent firming in crude could mark the start of a renewed bounce in energy prices, but stressed the outlook depends on how much shipping actually moves through the chokepoint. The article added that it is difficult to know for sure, but noted that the oil price level suggests traffic is higher than previously, implying markets may already be pricing in some resilience of flows through the Strait of Hormuz.
Latest closeWTI crude $81.58 ▼0.9%