Oil Prices Rise Despite Higher Hormuz Flows and U.S. Diesel Export Ban Speculation

Key Facts

1Brent crude prices rose to $107.37 per barrel while WTI reached $94.31 per barrel.

2Kpler estimated daily oil flows through the Strait of Hormuz at 12.8 million barrels, a significant increase since early September.

3The spread between Brent and WTI widened due to reports of a potential U.S. ban on diesel fuel exports.

Brent crude prices rose to $107.37 per barrel while West Texas Intermediate (WTI) reached $94.31 per barrel, according to oilprice.com. Kpler estimated daily oil flows through the Strait of Hormuz at 12.8 million barrels, marking a significant increase since the beginning of September, though this rise in physical supply failed to halt the upward price momentum.

The spread between Brent and WTI widened following reports of a potential U.S. ban on diesel fuel exports. Kpler noted that the higher export volume estimates persist despite ongoing maritime challenges, as geopolitical factors and speculation regarding U.S. energy policy continue to provide a layer of support for crude prices.