Brent Returns to $90 as Straits of Hormuz and Bab el Mandeb Traffic Estimates Fall
Author: Econbrowser·
Key Takeaways
- •Brent front-month futures returned to $90 a barrel shortly before 8 a.m. CT.
- •Traffic estimates for both the Strait of Hormuz and the Bab el Mandeb declined.
- •The two chokepoints are important routes for global crude and refined-product flows.
- •Refined petroleum prices were already increasing yesterday, keeping supply routes in focus.
Brent front-month futures were back at $90 a barrel as of a little before 8 a.m. CT, with estimates for traffic through the Strait of Hormuz and the Bab el Mandeb both lower. The move came ahead of the October 1st odds, with market attention focused on two shipping chokepoints that are important to global crude and refined-product flows.
Refined petroleum prices were already rising as of yesterday, adding to the near-term focus on supply routes and how disruptions or slower traffic can affect the movement of oil products through key maritime corridors.