WTI Oil Futures Rally Despite Ongoing Hormuz Crisis
October's WTI crude oil futures have rallied by 5.91% this week, reaching $86.31 as of late Thursday.
The market made its decision on the week early, with prices increasing despite the lack of a ceasefire agreement between Washington and Tehran.
A major contributor to the price increase is the low shipping traffic through the Strait of Hormuz, which remains severely restricted.
According to Kpler data, only six vessels passed through the strait on Tuesday, and no commercial vessel movements were recorded in either direction on Friday, contradicting U.S. officials' claims that 40 tankers transited the southern deep channel on that day, moving 16 million barrels of oil out of the Gulf.
The administration is touting its 'victory,' but the data paints a different picture.