FINWIRES · TerminalLIVE
FINWIRES

Update: WTI Oil Hits a Four-Month Low as Strait of Hormuz Shipping Resumes

By

West Texas Intermediate (WTI) crude oil closed at a four-month low on Friday as ships resumed moving through the Strait of Hormuz, easing concerns over supply disruptions in the Persian Gulf following the outbreak of the Iran conflict on Feb. 28.

WTI crude oil for August delivery closed down 3.7% to settle at US$69.23 per barrel, the lowest since Feb. 27, while August Brent crude was last seen down 4.3% to US$72.03l.

The decline came after shipping through the Strait of Hormuz resumed, a day after reports that Iran had attacked a vessel transiting the waterway in Omani waters. The incident prompted the International Maritime Organization to suspend an evacuation plan for ships stranded in the Persian Gulf.

However ships are again moving through the Strait, with hormuzstraitmonitor.com reporting 62 ships have moved out of the Gulf in the past day, easing the largest ever energy supply shock that began when Iran blocked the international waterway at the start of the war.

"Oil resumed its decline after tanker transits through the Strait of Hormuz accelerated, following a brief rebound on Thursday when a container ship was struck by an unknown projectile off the coast of Oman. The mini tsunami of released barrels is weighing on the front end of the futures curve," Saxo Bank noted.

Related Articles

Equities

TotalEnergies to Reduce Carbon Intensity of Products After Court Ruling

TotalEnergies (TTE.PA) said Thursday it plans to annually reduce the carbon intensity of the products it brings to market in response to the Paris Judicial Court's recent ruling.The French energy company agreed to amend its vigilance plan in line with the court's request to include scope 3 or its customers' emissions in its targets. Accordingly, it is aiming to cut the carbon intensity of its products by 25% in 2030, compared with 2015 levels. It said carbon intensity was already down by 18% in end-2025, compared with the 2015 base level.The group also noted the court's decision not to uphold requests to ban it from engaging in new oil and gas projects or reduce its oil and gas production.

$TTE.L$TTE.PA
Equities

I-Pulse Wins $250 Million CHIPS Award for Semiconductor, Pulsed Power Technology

I-Pulse on Thursday secured a $250 million award from the US Department of Commerce's CHIPS Research and Development Office for the development of its proprietary semiconductor and pulsed power technology.The funding will support R&D into high-temperature, high-performance silicon-carbide semiconductor components, including high-current, high-voltage solid-state switches with applications in underground mining, rock crushing, manufacturing, and defense systems, the company said.I-Pulse said it will develop the silicon-carbide semiconductors in partnership with US national laboratories, universities, and specialized manufacturers.

Equities

NextDecade Unit Closes Offering of Senior Secured Notes

NextDecade (NEXT) said late Thursday its unit Rio Grande closed an offering of $3.50 billion of senior secured notes.The offering comprised $1 billion of 5.25% senior secured notes due 2031, $500 million of 5.5% of notes due 2034, $1.25 billion of 5.75% of notes due 2036, and $750 million of 6.15% notes due 2041, according to a statement.Net proceeds will be used to repay debt under existing credit facilities and covere related costs.

$NEXT