Oil News: Brent Near $90 as Hormuz Ship Count Signals Tighter Oil Supply
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Key Points:
- Hormuz traffic fell to six vessels Monday as net crude and product exports dropped to 3 million barrels per day.
- Brent near $90 reflects a failed reopening trade, with U.S.-Iran demands leaving Gulf supply restricted.
- September Chinese demand is the risk: restocking into restricted Hormuz flows could tighten crude markets quickly.
The Strait of Hormuz reopening trade lasted about a week. Crude oil is climbing for a fourth straight session because traders realized the supply disruption they sold into never actually ended. Washington and Tehran are adding demands, not removing them, and the physical flow through the strait is getting worse. Both benchmarks have reclaimed ground above their 50-day moving averages and the rally is building in stages, not blowing off. The market needs ships, not statements, and right now the ship count is going the wrong direction.