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Crude oil traded around $84 per barrel on Thursday, easing after a 6.6% surge in the previous session, as markets weighed renewed geopolitical risks against signs of improving tanker traffic through the Strait of Hormuz. Data from Kpler showed that 14 commodity vessels passed through Hormuz in both directions on Wednesday, up from the single-digit levels recorded last week.
At the same time, high crude inventories in China continued to dampen import demand, alleviating some concerns about supply tightness. Nonetheless, geopolitical tensions remained elevated. US forces carried out strikes on dozens of Iranian military targets in an effort to reduce Tehran’s capacity to threaten regional shipping lanes and US allies.
Further risk emerged around alternative routes. The East–West pipeline that Saudi Arabia has increasingly used to bypass Hormuz is now exposed to threats from Iran‑backed Houthi forces. In addition, the Caspian Pipeline Consortium suspended oil loadings at its Black Sea terminal after two tankers linked to the facility were attacked overnight.
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