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Crude Oil Prices: Rise as WTI Nears $78, Brent Tops $83 on Hormuz Risks
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Coinpaper
Crude oil prices moved higher Friday, Aug. 7, as uncertainty over the Strait of Hormuz brought supply risks back into focus.
Why Are Crude Oil Prices Rising Today?
Oil prices therefore remain highly sensitive to any change in expectations for shipping access.
Source:Gasoline fell by 1.6 million barrels, while distillate stocks dropped by 3.5 million barrels.
For crude oil prices today, Hormuz remains the main short-term driver.