WTI crude tops $93 as Iran tightens restrictions in Strait of Hormuz, while Ecuador watches the impact

West Texas Intermediate crude climbed above $93 a barrel on Monday as Iran tightened restrictions near the Strait of Hormuz, giving Ecuador both a potential boost to oil revenues and a new concern over fuel costs.

WTI, the benchmark used for marketing Ecuadorian crude, traded around $92 and reached an intraday high of $93.03, according to Investing.com. That stood well above the $83.40 recorded on Aug. 28, reflecting how quickly the conflict changed market expectations.

The pressure is concentrated around Hormuz. Mohsen Rezai, secretary of Iran’s Supreme National Security Council, announced that Tehran would establish a new restricted zone near the strait. He warned that ships entering the zone could be placed on a sanctions list.

The announcement followed new clashes. The United States said it had attacked three Iranian oil tankers after actions it attributed to Iran’s Revolutionary Guard against U.S. vessels. Tehran said it had attacked tankers using routes it considered unauthorized, as well as vessels linked to the United States.

The strait is only several dozen kilometers wide but serves as a key passage for global energy trade. Data from Kpler, cited by Reuters, showed that an average of 10 cargo ships crossed each day during the previous 10 days, the lowest level since May. Only two vessels passed on Saturday, Sept. 5.

Fewer ships do not automatically mean the world will run out of oil, but they increase uncertainty about supply. For Ecuador, higher crude prices may support export income while making imported derivatives more expensive. The prices of Extra gasoline, Ecopaís and premium diesel are due for another review this month.

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Tehran will establish a new restricted zone near the strait