Brent Settles at $83.55 as Hormuz Traffic Drops 33% on Iran Route Restrictions
Updated
Updated · CNBC · Aug 7
Brent Settles at $83.55 as Hormuz Traffic Drops 33% on Iran Route Restrictions
3 articles · Updated · CNBC · Aug 7
Summary
Brent crude rose more than 1% to $83.55 a barrel on Friday and WTI gained about 1% to $78.18 as traders waited for a still-unannounced deal to restore free navigation through the Strait of Hormuz.
A promised agreement teased this week by Treasury Secretary Scott Bessent, President Donald Trump and Secretary of State Marco Rubio had not materialized by Friday, keeping supply-risk premiums in the market.
Kpler said ship traffic through Hormuz fell 33% from the prior day, with most vessels using the Iranian route rather than normal transit patterns.
Iran and Oman are reportedly working on a routing arrangement, but Iranian state media also published a draft plan that would bar U.S. and Israeli ships and block other countries until compensation is paid.
Despite Friday's rebound, oil still fell more than 7% for the week, underscoring how fast prices are swinging with each signal on Hormuz access.