Oil News: Can Iran’s Shrinking Floating Storage Keep Crude Prices Supported?
Crude oil posts a second weekly gain as Hormuz traffic drops to seven ships. Iranian floating storage drains and Monday's sanctions could tighten supply further.
The war stopped producing headlines that move the market. The market is moving anyway. Five straight sessions of gains, Brent up more than 4% on the week, WTI up more than 5%, and the rally did not need a new missile strike or a fresh threat from Washington. The Strait of Hormuz is barely functioning. Iranian crude is getting scarcer in Asia. Floating storage is draining. Chinese refiners are scrambling for replacement barrels. Monday brings what Treasury Secretary Bessent called the toughest sanctions in history against Tehran. The oil market is not pricing a disruption that might get worse. It is pricing one that already has.