Brent Crude Holds Above $104 as Shipping Traffic Slumps in Strait of Hormuz

Key Facts

Amid escalating geopolitical tensions in global energy corridors, shipping traffic through the Strait of Hormuz has slumped significantly as Red Sea risks deepen. According to reports, only seven ships crossed the strait on Thursday, down from an average of 15 vessels, directly fueling concerns over supply disruptions. This contraction in maritime activity has provided a floor for energy prices, keeping Brent crude stabilized above the $104 per barrel mark.

Technical analysis indicates that Brent crude is finding key support at $104.14, while WTI crude maintains a bullish stance despite resistance at $105.48. Per market data, natural gas is currently testing Fibonacci resistance at $2.85 with neutral momentum. These price dynamics reflect the tightening fundamentals caused by the reduction in tanker traffic through one of the world's most critical energy chokepoints.

As of September 11, 2026, energy markets remain highly sensitive to operational developments in the Middle East. With authoritative price data unavailable for today's session, market participants are looking toward established technical levels for direction. Investors are also weighing the impact of the OPEC meeting held on September 6 as a primary catalyst for supply-side stability in the coming weeks.