Oil News: Hormuz Flows Stay Low as WTI and Brent Hit Three-Week High
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Key Points:
- WTI and Brent reached three-week highs as Strait of Hormuz traffic remained far below pre-war levels.
- WTI eyes $88.07 and Brent targets $95.30 as structured buying replaces the recent short-covering trade.
- Oil futures gained for a fifth straight session as deadlocked talks kept Middle East supply risk in front.
Five straight sessions higher and the market is not waiting for a headline to take the premium out. The Strait of Hormuz is still moving a fraction of what it carried before the war. The ceasefire is dead. No talks are scheduled. The UAE just suspended all financial and economic transactions with Iran. Washington is threatening economic consequences for any country that provides a lifeline to Tehran. The oil market is not trading a disruption anymore. It is trading a conflict that nobody is trying to end.