Oil Falls as Rabobank Flags Hormuz Transit Risks, Hidden Flows
Rabobank strategist Michael Every notes oil prices declined after the US energy secretary reported increased Hormuz transits, possibly involving US Navy crude movements not captured in official data.
WTIBrent
Oil prices retreated as market attention turned to the Strait of Hormuz, according to Rabobank Global Strategist Michael Every.
The decline followed the US energy secretary's remarks on rising transit volumes through the strategic chokepoint. Every highlighted that there is evidence the US Navy may be moving additional crude through the Strait beyond what official data shows, suggesting hidden flows that could alter supply perceptions.
Rabobank views the situation as adding uncertainty to crude supply dynamics.
Source: FXStreet Forex News