Commodities
Hormuz Restrictions Weigh Heavily on Oil Market
The oil market is bracing for the latest EIA inventory report as trade activity remains restricted in the Strait of Hormuz.
Vessel traffic in the strategic waterway has fallen to just eight vessels, a significant decline from pre-war levels.
The API reported a 9.1-million-barrel crude build, providing sellers with a reason to challenge WTI and Brent prices near resistance.
The deal that traders had priced in last week, which would have eased restrictions on the Strait of Hormuz, appears to be nothing more than a framework with no concrete agreement.
Iran's conditions and U.S. demands continue to create uncertainty, leaving the oil supply premium firmly in place.