WTI Oil Slips Below $80 as Hormuz Traffic Rises

Oil prices have ticked lower for the second consecutive day on Friday, but still hold a session high of $80.00 amid hopes of normalisation in crude oil traffic.

The Commonwealth Bank of Australia reported an increase in traffic through the Strait of Hormuz to 30%-35% of pre-war levels, with analysts at TD Securities maintaining that reduced flows are supportive of further upside in oil prices.

The US benchmark West Texas Intermediate (WTI) barrel has hit session lows near $80.00, despite a moderate recovery of sea traffic through the Strait of Hormuz.