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WTI Crude Plummets as Hormuz Traffic Recovers and Russian Supply Surges

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The Story

News Summary

  • WTI crude oil closed down 1.77% as shipping traffic through the Strait of Hormuz recovered and Russian exports hit post-invasion highs.
  • Rising global supply, potential OPEC quota disputes with Iraq, and bearish long-term demand forecasts from the IEA continue to pressure oil prices downward.
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Stored market data

WTI price history

102.47 +73.12% over the displayed period

Advisor Snapshot

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