WTI Ends Week Near $84, Down 7% as Hormuz Hopes Fade After Iran-US Strikes
Updated
Updated · OilPrice.com · Jul 31
WTI Ends Week Near $84, Down 7% as Hormuz Hopes Fade After Iran-US Strikes
3 articles · Updated · OilPrice.com · Jul 31
Summary
$84.12 September WTI traded late Thursday, leaving U.S. crude down $6.35, or 7.02%, for the week despite a partial rebound in the latest session.
Early-week selling accelerated after Washington paused strikes and Oman proposed regional management of the Strait of Hormuz, raising hopes any supply disruption would be temporary.
That trade reversed when Iran rejected the Oman plan and fired missiles at U.S. forces, followed by U.S. and Saudi strikes on Iran-backed groups in Iraq and U.S. attacks on Revolutionary Guard targets inside Iran.
One Qatari LNG tanker, Al Areesh, passed through Hormuz, but the waterway still anchors the supply outlook and the market's remaining geopolitical risk premium.