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Oil prices dip as Hormuz flows loom
Oil prices declined over the week as crude flows through the Strait of Hormuz continued, with Brent futures nearing $88 per barrel and West Texas Intermediate around $83, marking a roughly 4% decrease over the week. This decline occurs amid ongoing tensions between Iran and the United States and an unclear trajectory of their conflict, with daily shipments of between 6 to 8 million barrels passing through the strait. However, measuring the volume of shipments remains challenging due to the shutdown of tracking devices and increased vessel-to-vessel transfers. Prices remain under control, even as the six-month-long conflict threatens the stability of the oil market.
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