Oil News: Crude Oil Futures Rise on Hormuz Risk and Falling Inventory
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Crude oil futures push toward $100 as falling inventories, Hormuz disruptions and Middle East tensions keep supply concerns front and center.
West Texas Intermediate crude oil is pushing toward $96 a barrel and Brent crude oil is closing in on $98. Traders spent most of May betting diplomacy would reopen the Strait of Hormuz and ease supply concerns. That trade is looking more fragile by the day. Military activity across the Middle East continues, oil flows through Hormuz remain well below normal and inventories keep moving lower. The market is starting to focus less on negotiations and more on the barrels that are still missing.