Oil Prices Rebound as Hormuz Shipping Volumes Suggest Minimal Disruption

Oil prices fell on Thursday after a surge of almost 4% on Wednesday as US officials suggested that major volumes of crude are getting through the Strait of Hormuz despite risks to shipping.

Global benchmark Brent dropped below $102 a barrel, while West Texas Intermediate was near $91. US Treasury Secretary Scott Bessent told Fox News that 17 million barrels 'sometimes' transited Hormuz per day.

However, other market watchers have flagged lower figures, with Clarksons Research putting the daily volume at about 8 million barrels earlier this month.

The cross-country pipeline in Saudi Arabia, which was damaged in attacks earlier this month, remains a crucial route for oil exports to avoid Hormuz amid sustained threats to shipping during the war.