West Texas Intermediate (WTI) oil futures are up by over 8% to $81 on Thursday, reaching their highest level since July 2024 amid supply disruptions in the Strait of Hormuz.
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Forget margin or options. Here's how the pros trade QQQTensions in the Middle East have sent traffic through the passage plummeting by over 95%, delaying the flow of oil and gas. “If this drags on for weeks, the ramifications are huge,” said Kpler analyst Matt Smith. The strait is responsible for roughly 20% of global oil flows.
Strait of Hormuz Activity Draws to a Standstill
On Wednesday, zero tankers crossed the strait, down from 100 on Friday before the U.S. and Israel launched a coordinated attack, according to CNN.
The war has also affected oil production and exports. Saudi Arabia halted operations at its largest oil refinery following an Iranian drone attack, while China urged domestic refiners to suspend gasoline and diesel exports.