September WTI crude oil rose by $0.80 (+0.95%) to reach a three-week high amid ongoing tensions in the Strait of Hormuz. This increase follows a significant rally on Monday after an unknown projectile struck a vessel in the strait and Iran detained a UAE tanker, exacerbating supply concerns.
The U.S. energy sector remains on edge, with Energy Secretary Chris Wright indicating no plans to de-escalate tensions with Iran, which further limits crude supplies. Over the past week, approximately 9 million barrels per day (bpd) crossed through the Strait, despite Iran’s aggressive actions, while OPEC+ is set to maintain steady output following its recent production increases.
In related developments, U.S. crude inventories rose by 17.4 million barrels, marking the largest increase in three years, primarily due to a sharp drop in crude oil exports. As of August 7, U.S. crude production reached 13.805 million bpd, just shy of its record.
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