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WTI whipsaws on hopes for Hormuz reopening and diesel crunch risk
November WTI slid to $88.67 on Tuesday before rebounding to $96.78 by Thursday, as market headlines on Strait of Hormuz access conflicted with lingering shipping normalization concerns.
OilPrice reports that November WTI crude oil futures swung through the week between hopes for a reopening of the Strait of Hormuz and fears that shipping conditions have not normalized.
The contract fell to $88.67 on Tuesday after reports that Iran could reopen the strait within seven days, then recovered to $96.78 Thursday as the diplomatic narrative ran into the same issue seen throughout the week, no agreement and no normal tanker traffic.
OilPrice also cited that the market simultaneously weighed energy demand pressures tied to a diesel crunch, contributing to the sharp back-and-forth in WTI pricing.
Latest closeWTI crude $95.27 ▲3.4%