Oil climbs as traders assess shipping flows; big monthly gain in sight

XLE•2026-07-31

Traffic through key shipping chokepoints

Iran's Revolutionary Guards stopped two tankers from transiting the Strait of Hormuz, while four others changed course, Fars News Agency reported.

However, two very large crude carriers carrying oil loaded from the Gulf did exit the strait on Friday, although traffic through the waterway remained thin, according to Kpler ship-tracking data.

Twenty-nine commodity vessels passed through the Bab el-Mandeb Strait on Thursday.

"The market has stopped trading the war and started trading the shipping data," said Ole Hvalbye, market analyst at SEB Research.

Talks between Iran and Oman on managing the Strait of Hormuz continue, according to the Iranian Labour News Agency, despite Iran rejecting Oman's proposal for joint management of the waterway.

Oil climbs as traders assess shipping flows; big monthly gain in sight

Traffic through key shipping chokepoints

Other supply and geopolitical developments

Reuters poll sees higher Brent expectations

Oil rises as traders reassess shipping risks

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