Oil Prices Rally on Renewed Hormuz Supply Risks
India’s State Nuclear Firm In Search of Global Uranium Assets August WTI crude oil traded higher during the week ending July 10, with prices last at $71.84 through Thursday evening, up $3.38, or 4.94%.
The contract posted a wide weekly range, climbing from a low of $67.82 to a high of $76.08 before pulling back late Thursday.
The week's advance was driven by one dominant theme: growing concern over global oil supplies.
Traders added a larger risk premium to crude prices as renewed geopolitical tensions in the Middle East raised questions about the security of oil shipments through the Strait of Hormuz.
Those concerns outweighed bearish pressure from another OPEC+ production increase and an unexpected build in U.S.
Although prices retreated from their weekly highs, the market is in a position to finish the week with a solid gain as traders continue to place greater weight on potential supply disruptions than on additional production reaching the market.
Middle East Supply Fears Fuel Strong Weekly Rally The market began the week under pressure after OPEC+ agreed to increase August production targets, continuing its effort to return previously withheld barrels to the market.
Normally, additional supply would weigh on prices.
Instead, traders quickly shifted their attention to rising geopolitical risks.
Reports of increased tensions involving Iran and concerns over commercial shipping through the Strait of Hormuz prompted buyers to return to the market.
Since roughly one-fifth of the world's… August WTI crude oil traded higher during the week ending July 10, with prices last at $71.84 through Thursday evening, up $3.38, or 4.94%.
The contract posted a wide weekly range, climbing from a low of $67.82 to a high of $76.08 before pulling back late Thursday.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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