Oil Traders Reprice Hormuz Risk as Demand Outlook Deteriorates

September WTI crude oil futures are trading at $81.19 late Thursday, up $4.11, or 5.33%, for the week. With Friday’s session still to come, the final weekly result remains unsettled. The message is clear. Traders spent the week rebuilding the Hormuz premium after last week’s deal optimism fell apart, then had to deal with an inventory report and demand forecasts that argued crude had moved too far, too fast. The contract did not rally because of a new supply loss. The supply problem was already there. What changed was the market’s…