WTI crude oil prices rose for a third consecutive day toward $107 a barrel. President Donald Trump warned Iran that the clock is ticking to reach a deal to reopen the Strait of Hormuz. Brent crude climbed above $110 a barrel as traders priced in higher risks of direct conflict.
Tehran officials announced plans for a professional mechanism to regulate maritime traffic through the waterway. This framework includes charging fees for services provided in the Strait of Hormuz. Diplomatic talks to resolve the conflict and restore shipping flows remain deadlocked with no concessions from either side.
Global oil inventories are falling at a record pace according to the International Energy Agency. Moody’s warned the situation is shifting from a short-term shock to a structural risk for global energy markets and trade.