WTI crude oil futures were trading at $83.51 late on Thursday, marking a decrease of $3.13, or 3.61%, for the week, according to OilPrice.com. The market initially opened near its weekly high of $86.57.
The market then saw a decline to $79.62 as traders reacted to reports suggesting progress towards a viable shipping arrangement through the Strait of Hormuz. These reports involved Iran, Oman, and the United States.
However, the market sentiment shifted on Thursday. WTI prices rebounded following an incident where Iran reportedly fired on a vessel near Oman, as stated by OilPrice.com.
Further impacting the market was a report that President Trump rejected terms related to reviving the June Iran ceasefire agreement. This development led traders to focus on the geopolitical reality rather than a potential reopening of Hormuz.
The trading activity reflected a change from anticipating a resolution in Hormuz to reacting to the immediate geopolitical events unfolding in the region, OilPrice.com reported.
