September WTI futures fall $8.72 this week as traders reassess geopolitical risks amid diplomatic progress in the Strait of Hormuz.
September WTI crude futures traded at $78.08 early Friday, marking a $8.72, or 10.05%, decline for the week. The contract opened at $80.10, peaked at $82.33, and dropped to a low of $74.24 before paring some losses.
The selloff followed optimism over potential diplomatic resolutions to restore crude flows through the Strait of Hormuz, a critical chokepoint for global oil shipments. However, traders later bought back positions as the shipping issue remained unresolved, signaling lingering uncertainty.
With Friday’s session still underway, the weekly result is not final, but the sharp price swing reflects shifting market sentiment on geopolitical risks.