WTI Slips Below $80 Amid Hormuz Traffic Recovery

Oil prices slipped to session lows on Friday, hitting $80 for WTI. This marks the second consecutive day of decline. The moderate recovery in traffic through the Strait of Hormuz has contributed to the drop.

The Commonwealth Bank of Australia reported that crude oil traffic through the key waterway has increased to 30-35% of pre-war levels. Experts believe that if this rises to 50-60% of pre-conflict levels, oversupply conditions could reassert themselves in markets.

Saudi Arabia has formed a coalition with 14 countries to secure key sea routes from attacks by Iran or its allies, putting further pressure on crude prices.