Hormuz Tanker Traffic Slows to a Trickle

Tanker traffic via the Strait of Hormuz slowed further over the weekend, maintaining upward pressure on oil prices. At the time of writing, Brent crude was trading at $88. 62 per barrel, with West Texas Intermediate at $82. 18 per barrel.

Earlier in the session, Brent crude broke above $89 per barrel before falling back. Only five commodity vessels passed the Strait of Hormuz on Saturday, and none were scheduled to transit the waterway on Sunday, data from Kpler cited by Reuters showed.