WTI Oil Prices Hold Steady Amid Diplomatic Efforts
Oil prices remain subdued as traders wait for diplomatic efforts to reopen the Strait of Hormuz. West Texas Intermediate (WTI) crude is trading around $80.30 per barrel on Friday, after edging lower in previous days.
The ongoing deadlock has not disrupted oil flows out of the Persian Gulf, with some tankers sailing with their transponders switched off to mitigate risks. However, vessels navigating the strait remain exposed to persistent threats.
The US claims that up to 9 million barrels of oil per day are currently transiting the critical waterway, supported by expanding capacity for escorting tankers.
Meanwhile, demand concerns are adding downward pressure on the market. The International Energy Agency (IEA) recently trimmed its global oil demand outlook, warning of prolonged conflict and elevated prices taking a toll on consumption.
OPEC lowered its 2026 global oil demand growth forecast to 580,000 barrels per day, marking its fourth consecutive downward revision.