Tanker exits from Hormuz exceed return flows, oil traders watch mini-glut build
Oil prices moved higher Monday, but tanker traffic out of the Gulf drew more attention. Vessel departures are outpacing returns, suggesting the market risks a short-term crude glut and possible delays restarting flows. Brent crude futures moved up 45 cents to $72.44 a barrel by 0627 GMT. U.S. West Texas Intermediate crude traded 82 cents higher at $70.05. Oil prices picked up after attacks on a Qatari-connected oil tanker and a container ship disrupted Hormuz shipping lanes and sparked the sharpest U.S.-Iran escalation since their interim peace deal. Washington and Tehran on Sunday agreed to stop recent hostilities and restart talks, a U.S. official told Reuters.