Crude Oil Price Today: WTI Slips to $85.63 as Trump Says…
By Tobi Opeyemi Amure
AI summary of the source article
WTI crude slipped to $85.63 and Brent fell to $91.38 as oil prices declined amid political commentary and strong traffic through the Strait of Hormuz, despite continuing regional tensions.
Why it matters
Rising Hormuz volumes rather than any signed agreement are what the selling rests on, so tanker and LNG traffic through the strait is the series that moves the crude oil price today, ahead of any announcement.
Key facts
- WTI dropped 1.40% to $85.63 a barrel after settling Monday down $3.98 at $86.85, while Brent fell 1.29% to $91.38.
- JPMorgan estimates the global surplus was around 1.4 million barrels per day in October, with OPEC output recovering to 90% of pre-war levels.
- LNG traffic through the Strait of Hormuz reached its highest level since the conflict began, supporting continued selling pressure on crude futures.
Source excerpt · FinanceFeeds
The crude oil price today has WTI at $85.63 a barrel, down 1.40%, extending a Monday session in which the US benchmark settled $3.98 lower at $86.85. Brent is quoted at $91.38, down 1.29%, after settling Monday at $92.57 for a fall of 5.85%. Those settlements came the same afternoon Donald Trump told reporters that “Iran militarily is effectively over,” and the same day a Saudi pipeline was attack…