WTI crude surged 3% to $107 per barrel, a sharp uptick that has drawn fresh attention from traders.
Commodity analytics firm Kpler reports that daily crude passage through the Strait of Hormuz has plunged from 16‑17 million barrels per day in September to below 10 million barrels in October, underscoring the tightening supply line.
Meanwhile, Saudi Aramco’s production has rebounded to 8.73 million barrels per day, a 2‑million‑barrel lift that still falls short of pre‑war output.
Coal futures have edged up to $150 per tonne, flirting with three‑year highs, as the premium on liquefied natural gas keeps coal a cheaper alternative for power generation.
Analysts point to the 80% lower cost of coal relative to LNG and rising global demand projections from the International Energy Agency as factors that could sustain the current price trajectory.
With U.S. inflation data looming and the Federal Reserve’s next policy decision on the horizon, market participants are keen to gauge how interest‑rate expectations will shape energy demand.