Brent $104 and WTI above $101 as Hormuz blockade enters week eleven

On May 12, Brent rose 0.73% to $104.97/bbl, while WTI closed in the $101 range. Renewed tension followed the May 5 attack on CMA CGM San Antonio and the May 8 seizure of Ocean Koi. Vessel traffic through Hormuz has fallen from a prewar average of 70 ships per day to just 2-5.