Woofun AI reports that international crude oil prices have continued their upward trajectory, with Brent crude reaching $86.75 and WTI crude rising to $82.33, recovering from previous lows near $70. Data from Kepler indicates that ship traffic through the Strait of Hormuz weakened on July 16, with only 8 vessels confirmed to pass through, marking the lowest volume in nearly three weeks. Of these, 7 utilized the northern Iranian route, signaling a concentration of traffic as shipping firms reassess regional security, crew safety, and insurance risks.

Crude oil futures recorded double-digit gains this week amid concerns over potential Houthi actions in the Red Sea. Barclays analyst Amarpreet Singh noted that with inventories at recent lows and strategic reserves largely depleted, tensions around the strait pose significant upside risk to energy prices, suggesting the market remains complacent regarding inventory impacts.