WTI remains below $80.50 as traders monitor diplomatic efforts to reopen Hormuz

West Texas Intermediate (WTI) oil price remains subdued for the third successive day, trading around $80.30 per barrel during the Asian hours on Friday. Crude oil prices edge lower as investors adopt a wait-and-see approach, closely monitoring diplomatic attempts to reopen the Strait of Hormuz.

Crude continues to flow out of the Persian Gulf despite the ongoing deadlock. Some tankers are actively sailing with their transponders switched off to mitigate risks, though vessels navigating the strait remain exposed to persistent threats. Meanwhile, the U.S. claims that up to 9 million barrels of oil per day are currently transiting the critical…

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