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The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
In a development threatening maritime security in one of the world's most critical waterways, ship tracking data showed a notable decline in vessels transiting the Strait of Hormuz on Friday compared to earlier this week, hours after Iran fired on a Taiwanese-operated tanker, according to reports.
The attack comes amid heightened geopolitical tensions in the Gulf and risks disrupting oil flows from the world's largest producing region. Traders are closely monitoring any developments that could affect supplies, especially as crude oil prices are already elevated amid supply concerns.
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Sign InAs of the close on June 25, U.S. crude oil futures (CL) settled at $91.06 per barrel, trading within a range of $90.67 to $92.70. Markets are eyeing the API crude oil stock change data due June 23, which could add to volatility. Further escalation in the strait could push prices to new highs.