As of today, September WTI crude oil is up $0.19 (+0.23%) while September RBOB gasoline has decreased by $0.0376 (-1.20%). Crude oil prices reached a one-week high, supported by limited supplies due to stalled negotiations between Iran and Oman regarding the reopening of the Strait of Hormuz, which is crucial for oil transportation.
Pakistani defense minister Khawaja Asif indicated that recent developments suggest a potential agreement could soon be reached. Meanwhile, President Trump’s firm stance on demanding compensation from Iran has increased tensions, contributing to fluctuations in oil prices. Traffic through the Strait of Hormuz remains critically low, with only five vessels currently transiting compared to 14 per day earlier this year.
Additionally, OPEC reported a production increase of 188,000 bpd for September, restoring previous cuts, while the EIA’s latest report showed U.S. crude oil inventories at 6.2% below the seasonal five-year average. Active U.S. oil rigs rose by three to a 14-month high of 454, reflecting a rebound in domestic production.
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