Hormuz tanker traffic falls amid Iran tensions
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Tanker traffic through the Strait of Hormuz remained weak over the weekend, with fewer than 20 vessels crossing the key oil route as Iran and the United States exchanged threats.
Tanker traffic through the Strait of Hormuz remained weak over the weekend, with fewer than 20 vessels crossing the key oil route as Iran and the United States exchanged threats.
Brent crude futures for October delivery rose $1.20, or 1.3%, to $92.82 per barrel, while October West Texas Intermediate (WTI) crude futures increased $1.13, or 1.3%, to $85.52 as concerns over Middle East supply disruptions pushed prices higher.
The Trump administration is considering additional sanctions on Iran as the Strait of Hormuz blockade squeezes oil flows and keeps pressure on US gasoline prices. Joining Bloomberg This Weekend is Axios Business Reporter Nathan Bomey who says Washington could target companies or countries doing business with Iran, potentially putting China and its purchases of Iranian oil in the spotlight.
Global oil demand is projected to decline by 1.6 million barrels per day in 2026 due to ongoing disruptions in the Strait of Hormuz.
Oil prices moved higher for a fourth straight day on Wednesday as investors assessed conflicting statements from the United States and Iran over shipping conditions in the Strait of Hormuz.
Brent crude futures rose 1.64% to $88.50 a barrel on Friday, while West Texas Intermediate crude climbed 1.92% to $82.81 as renewed U.S.-Iran tensions raised supply concerns.
