WTI Crude Firms Amid Hormuz Disruptions and Lower Oil Demand Forecast

WTI crude futures on NYMEX traded 0.5% higher around $82.10 during the European session on Thursday, supported by persistent supply concerns.

The Strait of Hormuz, a critical chokepoint for one-fifth of global energy supply, saw only six vessels pass through on August 10, compared to an average of 11 over the past 10 days.

This marks a significant drop from pre-war traffic levels of 130 to 140 ships per day.

OPEC has cut its global oil demand growth forecast for this year to 580,000 barrels per day, down from 780,000 barrels per day previously estimated.