Oil Prices Rally on Renewed Hormuz Supply Risks

August WTI crude oil traded higher during the week ending July 10, with prices last at $71. 84 through Thursday evening, up $3. 38, or 4. 94%. The contract posted a wide weekly range, climbing from a low of $67. 82 to a high of $76. 08 before pulling back late Thursday.

The week's advance was driven by one dominant theme: growing concern over global oil supplies. Traders added a larger risk premium to crude prices as renewed geopolitical tensions in the Middle East raised questions about the security of oil shipments through the Strait of Hormuz.