CDN NEWS | 
US NEWS 
Summary
- WTI crude is trading near US$90.75 per barrel on TradingView, down approximately $0.55, or 0.6%, from Thursday’s $91.30 settlement. WTI is modestly lower this morning but remains on track for its strongest weekly gain since mid-July.
- Brent crude is trading near US$95.18 per barrel on TradingView, down approximately $0.34, or 0.4%, from Thursday’s $95.52 settlement. Despite today’s slight retreat, Reuters calculates Brent is up about 6.6% for the week, while WTI is up roughly 8.8%.
- Renewed U.S.-Iran fighting and continued severe restrictions through the Strait of Hormuz remain the dominant market drivers. Only four visible commodity vessels crossed Hormuz Thursday, compared with a 10-day average of about 15, keeping a substantial geopolitical premium embedded in crude.
Latest Oil Prices
Oil prices are modestly lower Friday morning, consolidating after a powerful four-day rally driven by renewed Middle East supply concerns.
At approximately 5:30 a.m. MDT, TradingView showed its NYMEX WTI continuous futures contract at US$90.75 per barrel. Thursday’s official settlement was approximately $91.30, putting WTI down $0.55, or 0.6% on a settlement-to-current basis. TradingView itself showed WTI up roughly 0.6% over its rolling 24-hour reference period, illustrating the difference between intraday calculations and settlement-based comparisons.
TradingView showed its ICE Brent continuous futures contract at approximately US$95.18 per barrel, versus Thursday’s settlement of $95.52. That represents a decline of roughly $0.34, or 0.4%.
Brent’s active front month is now the November 2026 contract following last week’s October expiry, so the rollover distortion that complicated earlier comparisons has largely passed. TradingView currently shows November Brent around the mid-$95 range.
Why Oil Is Moving
Friday’s modest pullback appears to be primarily consolidation after this week’s sharp rally, rather than evidence that supply concerns are easing.
WTI is still up roughly 8.8% for the week, while Brent has risen approximately 6.6%, according to Reuters. The rally followed the most substantial U.S.-Iran military exchanges since July, including U.S. strikes inside Iran and renewed threats by Israel against Iranian military, civilian and energy infrastructure.
Physical shipping conditions remain extremely tight.
Only four commodity vessels crossed the Strait of Hormuz Thursday, according to preliminary Kpler data — far below the recent 10-day average of around 15. Reuters notes that visible Gulf oil export flows remain substantially disrupted despite U.S. government statements that conditions have moved closer to normal.
Key Market Risks and Catalysts
The first major catalyst remains Hormuz. Any additional attack on tankers or Iranian move to further restrict passage could quickly push crude toward new highs.
The refined-products market is also flashing warning signals. Average U.S. diesel prices have reached a record $5.82 per gallon, while diesel refining margins recently hit a record $108.02 per barrel. Ukrainian attacks on Russian refineries and reduced Middle Eastern product exports are contributing to the shortage.
OPEC+ will also be important this weekend. The group is expected to leave October production policy unchanged, partly because actual Gulf supply remains constrained despite nominal production quotas.
There are bearish offsets. Iraq increased August oil exports to roughly 2.34 million barrels per day, from about 1.35 million bpd in July, while rising crude prices and record diesel costs are increasing inflation and economic-growth concerns.
Bottom Line
Oil is slightly lower Friday morning but remains firmly elevated.
WTI around $90.75 and Brent near $95.18 leave both benchmarks headed for major weekly gains. The market is pausing after an extraordinary rally, but there is little evidence that the underlying geopolitical supply problem has been resolved.
With Hormuz traffic still severely restricted, refined-product markets exceptionally tight and U.S.-Iran tensions unresolved, the risk of another sharp upside move remains significant.
Share This:
