Oil prices rise as Strait of Hormuz traffic slows

Oil prices have risen for the fourth consecutive day, as maritime traffic through the Strait of Hormuz has declined, leading to an increase in Brent crude futures to $91.44 per barrel and West Texas Intermediate (WTI) to $85.45. Analyses suggest that producers are hastening their search for alternative routes to transport supplies to the Gulf of Oman and international markets. Meanwhile, the Iraqi Council of Ministers approved new mechanisms to regulate exports through multiple ports and specialized companies to reduce the risks of shipping disruptions. Additionally, estimates indicate a decrease in U.S. oil inventories last week, as markets await new data to assess supply and demand in global markets.

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