Oil Extends Rally Despite Higher Hormuz Volume Reports

Crude oil prices extended a climb that began on Monday, despite reports that oil flows via the Strait of Hormuz have improved considerably since the start of September. At the time of writing, Brent crude was trading at $107.37 per barrel, and West Texas Intermediate was trading at $94.31 per barrel. The widening gap between the two has been driven by reports about a possible U.S. ban on diesel fuel exports. Meanwhile, Kpler reported on Monday it had estimated daily oil flows out of Hormuz at 12.8 million barrels, which is a lot more than most…