Oil Prices Drop Amid Increased Activity in Strait of Hormuz

The Strait of Hormuz has seen increased activity in recent days, with approximately 16 million barrels transported, nearly 80% of the standard volume prior to the war. This movement was primarily observed off the coast of Oman, with an estimated 40 tankers transiting in both directions.

Oil prices have been on a downward trend this week, with Brent crude trading at around $93 per barrel (-1.4%) and WTI crude priced at approximately $85.50 (-1.6%). LNG prices are also retreating, with liquefied natural gas on the Dutch TTF exchange currently trading at around $66 per MWh (-0.6%).

Investors are awaiting announcements from Scott Bessent, who is expected to outline measures the US will take to exert economic pressure on Iran. This has raised expectations for a potential interest rate hike in autumn, with market bets rising to approximately 40% for September and over 60% for October.