Brent and WTI futures rise over 1% as tanker rerouting in the Strait of Hormuz tightens supply concerns amid thin traffic.
Oil prices advanced as traders reacted to reports of tankers rerouting or halting transit through the Strait of Hormuz, a critical chokepoint for global crude flows. Brent crude gained $1.31 to $90.34 a barrel, while WTI rose $1.95 to $85.54, both poised for monthly gains exceeding 20%.
Traffic through the strait remained thin, with only two very large crude carriers exiting on Friday, according to ship-tracking data. Analysts noted the shift from geopolitical tensions to shipping data as the primary price driver, though talks between Iran and Oman on managing the waterway continue.
Despite the disruptions, 29 commodities vessels passed through the Bab el-Mandeb strait on Thursday, signaling partial resilience in regional trade flows.