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WTI rebounds as Strait of Hormuz shipping risks keep oil supported

WTI was last around $89 after dipping to $86.32 intraday, its lowest since Sept. 1, even as Kpler data showed Gulf crude exports excluding Iran averaging 18.3 million barrels per day in the final week of September.

Reported · Written up by our desk · Energy

West Texas Intermediate rose on Tuesday, supported by continued shipping risks in the Strait of Hormuz even as Middle East crude export volumes improved, FXStreet reported.

WTI was trading near $89 after falling as low as $86.32 during the session, its lowest level since Sept. 1, according to the outlet.

Kpler data cited by FXStreet showed Gulf crude exports excluding Iran averaged 18.3 million barrels per day in the final week of September, with the recovery driven mainly by Saudi Arabia.

FXStreet also pointed to additional potential supply relief after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves, while noting that at least seven incidents involving tankers had been reported over the past week.

Latest closeWTI crude $89.70 ▼1.6%

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