WTI Oil Fights Back Above $90 as Middle East Flows Reach Pre-War Levels

WTI oil futures have made a strong recovery, regaining its position above $90 after initial losses. Despite energy flows through the Middle East reaching pre-war levels, supported by US military escorts in the Strait of Hormuz, WTI has rebounded to near $91 per barrel.

The region's crude oil shipments, including those from the Persian Gulf and Red Sea, have surpassed prewar baseline levels at 19.5 million barrels per day (bpd) as of Monday, according to Kpler data. This is a significant increase from around 17 million bpd before the war.

Iran's influence over the Hormuz has been declining, with strong volumes passing through the strait. According to Matt Smith, director of commodity research at Kpler, Iran has claimed control over the Hormuz but is now losing its dominance.