Oil Prices Up as Tanker Attacks Return to Hormuz


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Crude oil futures rebounded Friday (8/14) as fresh 
tanker attacks in the Strait of Hormuz and intensifying rhetoric between 
Washington and Tehran reignited geopolitical supply fears. The price gains 
offset earlier pressure from bearish weekly inventory builds and downgraded 
demand forecasts.

   NYMEX WTI crude for September delivery rose by $1.15, or 1.42%, to settle at 
$82.40 bbl. For the week, the U.S. crude benchmark rose 5%.

   ICE Brent crude futures gained $1.45, or 1.67%, to close at $88.52 bbl. The 
global crude benchmark rose almost 6% for the week.

   Downstream, NYMEX ULSD for September delivery climbed by $0.0323, or 0.76%, 
to close at $4.2829 gallon. The U.S. diesel benchmark gained nearly 10% on the 
week.

   NYMEX RBOB for September advanced by $0.0561, or 1.79%, to finish at $3.1841 
gallon. For the week, the gasoline benchmark rose almost 7%.

   The U.S. dollar index, meanwhile, slipped by 305 points to 99.55 against a 
basket of currencies.

   The United Arab Emirates on Friday accused Iranian forces of launching drone 
strikes against two Abu Dhabi National Oil Company tankers transiting the 
Strait of Hormuz on Thursday. The UAE foreign ministry condemned the strikes as 
acts of piracy, adding that both vessels sustained minor damage with no 
casualties reported.

   Separately, crude exports from Russia's Black Sea port of Novorossiysk were 
halted Friday following a Ukrainian drone strike on the Sheskharis terminal. 
The operational shutdown at one of Russia's primary export hubs added further 
momentum to Friday's market rally.

   Escalating rhetoric from the White House also dampened prospects for a 
near-term diplomatic breakthrough over the Middle East shipping corridor. U.S. 
Treasury Secretary Scott Bessent warned Thursday (8/13) that Washington plans 
to impose unprecedented economic isolation measures against Iran alongside a 
continued naval blockade.

   Shipping traffic through the Hormuz remains severely restricted, with vessel 
volume slipping below the monthly average as Tehran insists the waterway will 
remain closed. The channel historically carried roughly 20% of global oil and 
liquefied natural gas supplies before hostilities began.

   Despite Friday's price gains, broader market upside remains constrained by 
heavy commercial inventory builds and weakening macroeconomic forecasts.

   Data released this week showed U.S. commercial crude stocks surging 17.4 
million bbl, alongside lowered demand growth expectations from both OPEC and 
the IEA.




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