DTN Oil Update
Oil Futures Mixed as Strait of Hormuz Traffic Rises
HOUSTON (DTN) -- Oil futures settled mixed Thursday, as market participants continued monitoring the developments surrounding the U.S.-China summit and reports of improving maritime activity at the Strait of Hormuz.
According to Reuters, citing Iran's state media, roughly 30 vessels transited the Strait of Hormuz in recent hours, after Tehran had allowed some Chinese ships to pass through the waterway.
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Global oil supply fell 1.8 million bpd in April to 95.1 million bpd, bringing cumulative losses since February to 12.8 million bpd, due to the Iran war and the ongoing closure of the Strait of Hormuz, the International Energy Agency said in its monthly report for May released Wednesday.
Meanwhile, the Energy Information Administration data showed that in the first quarter of this year, the Strait of Hormuz handled nearly 14.6 million bpd of crude oil, condensate and refined petroleum products. This was 30% below the volume transported in the last quarter of 2025.
The front-month NYMEX WTI futures contract rose $0.66 to $101.68 bbl, while the July ICE Brent futures contract advanced $0.56 to $106.16 bbl.
In contrast, June RBOB gasoline futures fell $0.0093 to $3.6094 gallon, and the front-month ULSD contract decreased $0.0572 to $3.9095 gallon.
The U.S. Dollar Index strengthened 0.317 points to 98.74 against a basket of currencies.
During their first meeting Wednesday, U.S. President Donald Trump and Chinese President Xi Jinping agreed that the Strait of Hormuz must remain open. China, one of the largest buyers of Iranian crude, has been affected by the disruption of this key waterway for oil and natural gas.
On Iran, Trump said Xi told him that China wants to help negotiate an end to the war, the Associated Press reported.
