September WTI futures hit $92.31 after Strait of Hormuz and Red Sea export routes face simultaneous disruptions.
September WTI crude futures settled at $92.31 Thursday, marking a $10.54 or 12.9% weekly gain. The contract rebounded from a low of $79.58 as traders priced in escalating risks to two critical shipping routes.
The rally accelerated after Saudi Arabia’s Red Sea export route joined the Strait of Hormuz as a threatened chokepoint. Markets shifted from pricing a single disruption to assessing a supply system with fewer viable alternatives.
No immediate market reaction data was provided, but the sharp move reflects heightened geopolitical supply concerns.