Texas oil rises 1.4% amid Iran tensions, Strait of Hormuz concerns

Texas Intermediate (WTI) crude oil futures for September delivery closed Friday with a 1.4% increase, reaching $82.40 per barrel. This rise is attributed to a lack of progress in resolving the conflict between the United States and Iran.

Throughout the week, Texas crude gained 6%. Oil prices remain volatile, influenced by the ongoing normalization issues in the Strait of Hormuz. While tanker traffic has slightly improved, it remains significantly below usual levels, according to analyst Dennis Kissler of Bok Financial.

Official reactions highlight the US intention to impose "economic isolation on Iran and continued blockade of the Strait of Hormuz," as stated by Treasury Secretary Scott Bessent. Defense Secretary Pete Hegseth threatened to maintain the blockade "indefinitely." Meanwhile, two tankers belonging to the Emirati company ADNOC were attacked in the Strait of Hormuz without casualties, an action the UAE government attributed to Iran, though Tehran has not commented.

The International Energy Agency (IEA) has forecast that global oil demand will fall more than previously expected this year, citing the growing impact of the Strait of Hormuz closure. Since the conflict initiated by the US and Israel against Iran on February 28, at least 18 ADNOC vessels have been attacked in Hormuz, resulting in one crew member's death and 20 injuries.