US Cash Crude-Grades mixed as Iran stops tanker passages in Hormuz, US adds more rigs

Baker Hughes

31/07/2026 21:35

NEW YORK, July 31 (Reuters) - U.S. crude grades were mixed on Friday after Iran stopped vessels from exiting the Strait of Hormuz and the U.S. added more oil rigs.
Baker Hughes said oil rigs rose by one to 451 this week in its closely watched report on Friday. Rig counts are an early indicator of future output.
Traders also digested data from the Energy Information Administration that said U.S. crude oil output fell about 2% in May with exports continuing to hit record highs for the second-consecutive month.
Elsewhere, Iran's Revolutionary Guards stopped two tankers from transiting the Strait of Hormuz, while four others changed course, Fars News Agency reported.
However, two very large crude carriers carrying oil loaded from the Gulf exited the strait on Friday, although traffic through the waterway remained sparse, according to Kpler ship-tracking data. Twenty-nine commodity vessels passed through the Bab el-Mandeb Strait on Thursday.
Prices of Gulf Coast blends Mars and West Texas Sour were pressured after spot premiums for competing Middle Eastern crude grades Oman and Murban fell on Friday. 
Data from IIR energy on Friday, however, suggested that U.S. crude consumption could pickup as offline refinery capacity is expected to fall to 103,000 barrels per day (bpd) in the week ending Aug. 7.
     
Light Louisiana Sweet for September delivery remained unchanged at a midpoint of a $1.85 premium and was seen bid and offered between a $1.65 and $2.05 a barrel premium to U.S. crude futures CLc1      ​ 
Mars Sour eased 15 cents to a midpoint of a $1 discount and was seen bid and offered between  a $1.20 and 80-cent a barrel discount to U.S. crude futures CLc1     ​  
WTI Midland firmed 20 cents to a midpoint of a 60-cent premium and was seen bid and offered between a 40-cent and 80-cent a barrel premium to U.S. crude futures CLc1      ​  
West Texas Sour eased 5 cents to a midpoint of a $1.65 discount and was seen bid and offered between  a $2.40 and 90-cent a barrel discount to U.S. crude futures CLc1
WTI at East Houston , also known as MEH, traded between a 90-cent and $1.30 a barrel premium to U.S. crude futures CLc1 
ICE Brent September futures LCOc1 rose $1.09 to settle at $90.12 a barrel on Friday​.
WTI September crude CLc1 futures rose $1.08 to settle at $84.67 a barrel on Friday​. 
The Brent/WTI spread narrowed 17 cents to last trade at minus $5.27, after hitting a high of minus $5.27 and a low of minus $5.27.

 (Reporting by Siddharth Cavale; Editing by David Gregorio)
 ((siddharth.cavale@thomsonreuters.com))