Oil Surge Deep Dive: WTI at $74.55 and the Hormuz Premium
WTI crude oil surged 4.4% to $74.55 per barrel on July 13 and Brent crossed $79.30, snapping back from a brief dip into the low $70s last week. The trigger was straightforward: Iran's new supreme leader Mojtaba Khamenei announced he will maintain the Strait of Hormuz blockade indefinitely, the US launched its fourth retaliatory strike in a week against Iranian targets, and Tehran struck a Cyprus-flagged container ship. Five months after the Feb. 28 blockade began, the crisis has found its floor price for oil and it sits higher than anyone hoped. Key Takeaways WTI crude surged 4.4% to $74.55/bbl on July 13 as the Strait of Hormuz blockade entered its fifth month with no diplomatic resolution…
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