WTI crude oil closes the week with gains amid instability in the Strait of Hormuz
The price of Texas Intermediate oil (WTI) concluded this Friday’s session with an increase of 1.4%, reaching 82.40 dollars per barrel. This rebound responds to the persistent geopolitical tension between the United States and Iran, which shows no signs of being resolved in the short term.
At the end of trading, WTI futures contracts for September delivery recorded a gain of 1.15 dollars, closing a positive week in which crude oil accumulated a 6% appreciation.
Persistent tension in the Strait of Hormuz
Volatility in energy markets remains a key issue due to the lack of normalization in traffic through the Strait of Hormuz. Although a slight increase in freighter transit has been observed, the flow remains significantly below usual levels.
Oil prices remain volatile due to the lack of normalization in the Strait of Hormuz, with tanker traffic well below normal levels.
Market analysis, Alofoke Deportes
The situation is becoming complicated following reports of recent attacks against vessels of the Emirati oil company ADNOC. According to data collected by Alofoke Deportes, since the beginning of the conflict on February 28, at least 18 vessels from said company have been targeted in the area, leaving a tragic toll of one fatality and around twenty injured.
Stance of the authorities and projections
- The U.S. government has stated its intention to deepen economic isolation toward Iran, maintaining the blockade of the strait as an indefinite strategic measure.
- The United Arab Emirates has described the attacks on its vessels as hostile actions attributed to Tehran.
- The International Energy Agency (IEA) has adjusted its forecasts, warning that global crude demand could experience a drop greater than initially estimated, driven by logistical complications in Hormuz.
The market remains attentive to any diplomatic or military development that could alter the global energy flow, while the energy sector navigates under the uncertainty of a conflict that continues to affect international supply chains.
