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WTI Crude Falls 13 Cents on Fed Rate Hike Concerns, Hormuz in Focus
MacroCommodityGeopolitics
West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange closed lower on Friday (Aug. 28) and posted a weekly decline, as investors weighed the outlook for U.S. Federal Reserve monetary policy after Fed Chair Kevin Warsh signaled a possible rate hike this year to curb inflation. Meanwhile, the market also tracked rumors about a potential deal to reopen shipping routes through the Strait of Hormuz. WTI crude for October delivery fell 13 cents, or 0.16%, to settle at $83.40 per barrel, while Brent crude for October delivery declined 39 cents, or 0.43%, to close at $89.31 per barrel. On the week, Brent fell more than 5%, while WTI dropped over 4%. The war between the U.S. and Israel against Iran entered its sixth month on Friday, as investors monitored the recovery in oil shipments through the Strait of Hormuz, which remains uneven. Before the conflict, that route handled roughly 20% of global oil volumes.