Brent Crude at $94.57 as Strait of Hormuz Records Near-Zero Traffic for Second Straight Day
Brent Crude at $94.57 as Strait of Hormuz Records Near-Zero Traffic for Second Straight Day
WTI crude rose 5.6% to $88.54 per barrel, fully reversing Friday’s 9% drop that had followed Iran’s brief announcement that the strait was completely open.Kpler showed no oil tankers crossing the strait Sunday, while Windward counted at least 13 vessels that turned back Saturday when Iran reimposed restrictions.ADNOC CEO Sultan Al Jaber put the cumulative supply loss at nearly 600 million barrels blocked over approximately 50 days, a figure that does not normalize quickly under any short-term ceasefire.