WTI Whipsaws as Hormuz Hopes Collide With Diesel Crunch
AI Summary
WTI crude oil futures showed volatile trading influenced by the uncertain status of the Strait of Hormuz. Prices fluctuated with hopes of reopening and concerns over ongoing disruptions in tanker traffic.
November WTI crude oil futures spent the week trading a possible reopening of the Strait of Hormuz against the risk that shipping conditions have not normalized. The contract fell to $88.67 Tuesday after reports that Iran could reopen the Strait within seven days, then recovered to $96.78 Thursday as the diplomatic story ran into the same problem it had all week: no agreement, no normal tanker traffic, and no proof the physical market is back to normal. At 22:00 GMT Thursday, November, WTI crude oil futures were trading at $94.76, down $0.71 or…