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The price of the US WTI oil contract has suffered a significant decline today, about 5 percent, reaching the level of $93-95 per barrel, mainly due to hopes that ship traffic through the Strait of Hormuz may resume or be partially eased.
According to recent reports, a Pakistani oil tanker passed through the strait on Monday with its automatic identification system (transponder/AIS) activated, as confirmed by monitors such as Marine Traffic. This has created temporary optimism among traders that the complete disruption may not be sustainable, despite the strait being nearly blocked due to the ongoing conflict between the US, Israel and Iran.
WTI, the main US contract, has fallen from recent highs around $98-100 in previous days, to around $93.37-95.32 per barrel, with some sources showing a daily decline of up to 3-5 percent or more in intraday drops.
Brent, the North Sea oil, has fallen less, about 2 percent, stabilizing near $100 per barrel.
The Strait of Hormuz remains crucial to the global energy market, with about 20 percent of the world's oil passing through it. The conflict has caused a near-total collapse in tanker traffic in recent weeks, pushing prices above $100 at times. Today's signals of a successful tanker passage have prompted profit-taking and price declines.
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