The recent rise in oil prices has come to an end, there is limited progress in agreements related to the Iran conflict, and traders are closely monitoring oil traffic in the Strait of Hormuz. West Texas Light crude fell below $81 a barrel, with a cumulative increase of 10% over the previous five trading days. The futures market is becoming less sensitive to remarks made by the White House about this channel; after the recent rise in prices, the market showed signs of a profit settlement on Thursday. Rebecca Babin, a senior energy trader at the Canadian Imperial Bank of Commerce Private Wealth Group, said, “This morning's market was more like buyers watching and waiting, rather than the market being truly bearish. Combined with the sharp increase in US crude oil inventories yesterday, there are currently few favorable factors attracting buyers to enter the market.” Traders are currently evaluating the scale of oil traffic in the Strait of Hormuz. US Secretary of Energy Chris Wright said on Tuesday that the average daily traffic volume of Straits oil over the past week was 9 million barrels, far higher than many industry agencies' estimates, raising new questions about the size of the supply gap in the market. Meanwhile, according to data from the US Energy Information Administration, crude oil inventories increased by 17.4 million barrels last week, which may cushion oil prices in the short term.

The recent rise in oil prices has come to an end, and agreements related to the Iran conflict have made limited progress. Traders are closely monitoring oil traffic in the Strait of Hormuz. West Texas Light crude fell below $81 a barrel, with a cumulative increase of 10% over the previous five trading days. The futures market is becoming less sensitive to remarks made by the White House about this channel; after the recent rise in prices, the market showed signs of a profit settlement on Thursday. Rebecca Babin, a senior energy trader at the Canadian Imperial Bank of Commerce Private Wealth Group, said, “This morning's market was more like buyers watching and waiting, rather than the market being truly bearish. Combined with the sharp increase in US crude oil inventories yesterday, there are currently few favorable factors attracting buyers to enter the market.” Traders are currently evaluating the scale of oil traffic in the Strait of Hormuz. US Secretary of Energy Chris Wright said on Tuesday that the average daily traffic volume of Straits oil over the past week was 9 million barrels, far higher than many industry agencies' estimates, raising new questions about the size of the supply gap in the market. Meanwhile, according to data from the US Energy Information Administration, crude oil inventories increased by 17.4 million barrels last week, which may cushion oil prices in the short term.