Delayed reopening of the Strait of Hormuz intensifies; WTI and Brent crude open up more than 1%

Due to Trump's rejection of Iran's proposal to reopen the Strait of Hormuz within seven days, the threat of a further delay in reopening this crucial waterway has intensified. WTI crude oil and Brent crude oil both surged over 1% at the opening. Traders will continue to monitor actual flows through the Strait of Hormuz. Trump stated that a “record amount” of oil was extracted from the strait on Saturday night. Meanwhile, regional tensions remain high: the Saudi-led coalition in Yemen reported intercepting a Houthi drone headed for Riyadh and a missile targeting southern Khamis Mushait on Saturday. Abha and Jazan also issued alerts, as these locations host Aramco’s energy facilities.