Brent Holds Above $100 as Hormuz Tanker Traffic Hits Two-Month Low

Crude oil prices were on course to book a weekly gain earlier today amid a flurry of tanker attacks in the Strait of Hormuz—and outside it, too. Reports citing President Trump as saying productive talks were being held with Iran failed to allay concerns driving the benchmarks higher. At the time of writing, Brent crude was trading at $102.83 per barrel, with West Texas Intermediate at $90.33 per barrel, both slightly down from opening but higher compared to their opening prices this week. Earlier this week, analysts from Kpler said that the…

Market Context

Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.

Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.

What to Watch

Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.