Oil Bulls Take Control as Iran Deal Collapses and Hormuz Stays Restricted
East African Nations Offered 30% Share of Dangote’s Kenya Mega-Refinery October WTI crude oil futures are trading at $86.31 late Thursday, up $4.82 or 5.91% for the week.
The contract opened at $81.62, traded as low as $80.80, and reached $87.69.
Friday’s session is still ahead, so the weekly result is not final.
The market has already made its decision about the week.
WTI rallied because the agreement traders were waiting for never appeared.
The Strait of Hormuz is still operating far below normal.
Washington and Tehran are moving farther apart, not closer together.
The Strait of Hormuz remains the whole trade.
Before the war, about one-fifth of global oil and liquefied natural gas consumption moved through the waterway.
This week, shipping traffic remained in the single digits.
Kpler data showed five commodity vessels passed through the strait Saturday and none were registered Sunday.
By Tuesday, traffic had fallen to six vessels from nine the prior day.
| 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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