Oil News: Crude Oil Futures Rise as Hormuz Supply Risk Reprices the Market
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Key Points:
- Hormuz flows fell from 18 million barrels per day to roughly 2 million in August, holding Brent above $91.
- Dark tankers conceal Gulf crude flows, leaving traders unable to verify how much supply is reaching buyers.
- The EIA report tests a crude market supported by 49 million barrels of U.S. inventory draws over 18 weeks.
The Strait of Hormuz carried 18 million barrels per day before the war. It is moving about 2 million now. The ceasefire expired Monday. No talks are scheduled. Iran says the waterway is shut. Washington says it is open. Shipowners stopped listening to both sides weeks ago. They are avoiding the route and the rest of the oil market is repricing around them. Brent held above $91 overnight. WTI is near $86. The premium is not about a headline anymore. It is about a supply system that nobody has a plan to restore.