Key facts
- November WTI crude oil futures traded near $94.76 on Thursday.
- The contract fell to $88.67 on Tuesday on reports Iran could reopen the Strait of Hormuz within seven days.
- The contract recovered to $94.76 on Thursday as no agreement was reached and tanker traffic did not normalize.
- Saudi Aramco increased shipments through the Strait of Hormuz after attacks damaged its East-West Pipeline.
- Tanker tracking showed about 14 million barrels loaded on seven VLCCs inside the Gulf.
November WTI crude oil futures experienced significant price swings throughout the week, trading between $88.67 and $96.78 as market participants weighed the possibility of the Strait of Hormuz reopening against persistent concerns about normalized shipping conditions. The contract settled at $94.76, down 0.74% for the week, reflecting the market's uncertainty. Early in the week, prices dipped on reports that Iran might reopen the Strait of Hormuz, but they rebounded as it became clear that no agreement had been reached and tanker traffic had not returned to normal. Saudi Aramco had increased its crude shipments through the Strait following damage to its East-West Pipeline and interruptions to Red Sea loadings, with tanker tracking indicating approximately 14 million barrels loaded on seven VLCCs within the Gulf. The restart of the East-West Pipeline offered an alternative route to the Red Sea, though not at full capacity.