By 11:35 a.m. ET, September Brent crude climbed $1.42 to reach $84.72 per barrel, while August West Texas Intermediate rose $1.24 to trade at $79.38. These gains pushed crude prices toward one-month highs as traders reacted to the escalating military tension in the region. Refined products tracked the upward trend, with August ULSD gaining 14.5 cents to $3.9686 per gallon and August RBOB rising 5.5 cents to $3.2213.
The market remains on edge ahead of a formal U.S. blockade targeting Iranian ports and vessels within the Strait, scheduled to take effect at 4:00 p.m. ET today. Data from Kpler’s MarineTraffic highlights the significance of the disruption, showing activity levels have regressed to those seen before the memorandum of understanding briefly stabilized the waterway. With military operations continuing, the focus remains on whether these supply-chain bottlenecks will sustain the current price rally.
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