WTI Dips Below $70 a Barrel Despite Continued Confusion in the Strait of Hormuz. Are Oil Stocks Still Worth Buying Now?
Oil is falling back to its pre-war level despite confusion about the Strait of Hormuz's status.
Overview
WTI, the primary U.S. oil price benchmark, fell about 4% by mid-afternoon Friday. That pushed its price below $70 a barrel. The crude price decline came even though Iran attacked a cargo ship near the coast of Oman in the Strait of Hormuz, while also recently ordering three oil tankers to turn back, causing confusion about the status of that key global trade route.
With WTI dipping below $70 a barrel, it begs the question of whether now’s a good time to buy oil stocks. Here’s a look at the current market environment.
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Originally published at www.fool.com.
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