WTI Oil Ticks Lower Amid Increased Traffic Through Hormuz

WTI oil prices hit session lows near $80.00 on Friday, despite hopes for normalization of crude oil traffic through the Strait of Hormuz. The Commonwealth Bank of Australia reported an increase in traffic to 30%-35% of pre-war levels.

This development has pushed oil prices lower, although WTI is still on track to close the month with a more than 15% appreciation.

Analysts at TD Securities remain cautious, citing reduced flows and global tightening of the energy market as supportive of further upside in crude oil. They argue that physical balances are increasingly underpinning the bullish case for prices.