Oil Prices Dip but Remain Elevated Near $100 as Hormuz Closure Persists

Global crude oil benchmarks declined early Saturday but remained firmly elevated near $100 per barrel, according to live price data. West Texas Intermediate (WTI) traded at $96.57, down $1.33 or 1.33%. Brent Crude was at $95.20, down $0.72 or 0.75%. Natural gas was priced at $2.65, down $0.02.

The primary driver for sustained high prices remains the ongoing closure of the Strait of Hormuz, according to a report from OilPrice.com. Despite a ceasefire announced earlier in the week between the U.S. and Iran, the vital oil and LNG chokepoint has not reopened. Maritime intelligence firm Windward reported that transit remains tightly controlled and coordinated by Iran's Islamic Revolutionary Guard Corps, with no return to open commercial navigation.

"The ceasefire has not reopened the Strait of Hormuz, and transit remains tightly controlled," Windward said in a Thursday note. The firm added that recovery of global energy supply "will depend not on declarations, but on sustained, observable change in transit behavior."

This sustained supply constraint means the shock to the global energy system continues, supporting prices that benefit Bakken shale producers. Even if the strait reopened without restrictions today, analysts at Wood Mackenzie estimate supply recovery would take several months, well into late summer.

In related industry news, high energy costs are affecting major infrastructure projects beyond oil and gas. OpenAI has paused plans for a major AI data center buildout in the UK, citing structurally elevated industrial electricity prices and regulatory uncertainty, according to a second OilPrice.com report. This underscores the global pressure on power costs and infrastructure investment.

For Bakken operators, WTI prices holding above $96 provide strong revenue fundamentals for crude production. However, the undefined Bakken differential versus WTI in the live data indicates local market dynamics or transportation costs remain a variable factor for net wellhead prices. The ongoing geopolitical tension and physical supply bottleneck highlight the continued volatility and external risks facing the market, even as local drilling activity benefits from the high price environment.