Crude Oil Market Sees Overall Upward Trend Amid Supply Volatility
The crude oil market maintained an overall upward trend this week, with Brent crude closing above $94 on Friday, marking a cumulative weekly gain of approximately 5.9%. This rebound trend from the July lows is well-defined, and prices are now approaching the resistance level near $96.
WTI crude closed near $87 on Friday, up about 5.0% for the week, despite some pullbacks during the week. The overall center of gravity continued to rise, with the MACD maintaining a bullish structure.
The key events in the crude oil market this week centered on the supply side, particularly regarding Iran's trading partners and shipping data for the Strait of Hormuz. According to Kpler, only seven bulk carriers passed through the Strait on Thursday, half the number from the previous day, while the U.S. Secretary of Energy stated that over 15 million barrels of oil and petroleum products transited the Strait with U.S. military assistance.
UANI data shows that U.S. military-assisted transits have exceeded 1,000 since June 20, but two merchant vessels were attacked on August 18, resulting in one sailor's death, bringing the total number of crew fatalities to 19. A report by the Congressional Research Service warns that the Strait of Hormuz is a critical artery for global oil and gas supplies, with alternative pipelines capable of covering only about 4.7 million bpd.