Brent Crude Rises to $86.75, Hormuz Strait Vessel Traffic Hits Three-Week Low on July 16

According to BlockBeats, international crude oil prices surged on July 18, with Brent crude climbing to $86.75 per barrel and WTI rising to $82.33 per barrel, recovering from recent lows near $70.

Data released by Kpler on July 17 showed vessel traffic through the Strait of Hormuz dropped to 8 ships on July 16, the lowest level in three weeks. Seven of the eight vessels chose the northern Iranian shipping lane, reflecting shipping companies' reassessment of regional security, crew safety, and insurance risks. Oil futures posted double-digit gains this week amid escalating concerns, with potential Houthi action against Red Sea shipping adding pressure to energy prices.