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crude oil

Crude oil prices are heading for a weekly decline despite weak tanker traffic through the strategic Strait of Hormuz amid escalating geopolitical tensions between Iran and the United States.

Brent crude dropped 5.3 percent for the week to trade at $89.17 per barrel, while West Texas Intermediate fell 4.3 percent to $83.19 per barrel.

The drop in prices coincides with reports of restricted movement through the chokepoint. Vessel-tracking firm Kpler recorded only seven commodity vessels passing through the strait on Thursday, down from 17 the previous day. Tracking firm Windward also noted that only six tankers navigated the waterway, with three operating in dark mode to evade detection.

However, energy analysts suggest regional suppliers are adapting to the bottleneck, keeping crude moving through alternative routes.

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“More Persian Gulf oil producers seem to be shuttling their crude through the strait, while producers in the region are increasingly selling their crude outside the Strait of Hormuz,” ING commodity analysts Warren Patterson and Ewa Manthey said.

The market reaction comes as Washington tightens economic pressure on Tehran. The US Treasury announced new sanctions intended to force Iran to reopen the waterway, while the White House ruled out talks.

“As the president said, there are no talks or conversations going on, or scheduled, with the Islamic Republic of Iran,” White House spokeswoman Anna Kelly said. “The naval blockade remains in full force and effect, and Operation Economic Outcast is underway to sever every remaining economic lifeline sustaining the regime.”

Despite the friction, analysts note that the overall economic impact of the sanctions may be tempered by China’s continued trade relationship with Iran, alongside potential shifts in OPEC membership dynamics involving Venezuela.

The Traffic NG
crude oil
Hibbatullah Shittu
The Traffic NG

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