Oil Prices Head for 20% Monthly Surge Despite Recent Pullback

AI Summary

Oil prices are set for a nearly 20% monthly surge despite recent declines, with Brent crude at $87.67 and WTI at $82.07 per barrel. Increased tanker movements through the Strait of Hormuz amid ongoing tensions between Iran and the United States are influencing market dynamics.

Crude oil prices have been trending lower over the past couple of days, but the benchmarks are on course to book both a weekly and a monthly rise. On a monthly basis, Brent crude and West Texas Intermediate have both gained close to 20%. At the time of writing, Brent crude was trading at $87.67 per barrel, and WTI was changing hands for $82.07 per barrel, both down by 1% from Thursday on reports about more tankers crossing the Strait of Hormuz even as hostilities between Iran and the United States continue. “There is this sense that there…