Oil Prices Volatile as Middle East Tensions Disrupt Hormuz Shipping

September WTI crude oil futures traded at $84.12 late Thursday, marking a weekly decline of $6.35 or 7.02% amid fluctuating geopolitical risks.

U.S. commercial crude stocks fell by 7.2 million barrels to 404.5 million barrels by July 24, while the Strategic Petroleum Reserve hit its lowest level since 1983 at 307.7 million barrels.

Market direction remains tied to the $81.21 support level, with traders monitoring tanker traffic through the Strait of Hormuz and ongoing military exchanges in the region.