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BAKKEN WIRE
Oil Prices Retreat From $100 but Strait of Hormuz Constraints Linger - Bakken Wire
Oil Prices

Oil Prices Retreat From $100 but Strait of Hormuz Constraints Linger

WTI falls to $96.57 as ceasefire fails to reopen key chokepoint, keeping global supply tight and Bakken crude premiums uncertain.

Bakken Wire Staff·🔆Midday Wire·

Oil prices pulled back in midday trading Saturday but remained elevated near $100 per barrel, with ongoing constraints at the Strait of Hormuz preventing a full easing of the global supply shock. West Texas Intermediate (WTI) crude traded at $96.57, down $1.33 or 1.33%, while Brent crude was at $95.20, down 0.75%, according to live price data. The Bakken differential versus WTI was undefined.

The decline follows a fragile U.S.-Iran ceasefire announced earlier in the week, which initially spurred a 15% single-day price drop. However, the vital waterway for Middle Eastern oil and LNG exports remains largely closed to standard commercial navigation, according to a report from OilPrice.com. Maritime intelligence firm Windward stated that transit is still tightly controlled and coordinated by Iran's Islamic Revolutionary Guard

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