CIR Afternoon Update — April 10, 2026
Crude markets pulled back on Friday afternoon as traders weighed cautious optimism around the Strait of Hormuz against lingering supply disruptions, pushing WTI down more than $2 on the session.
Gulf Producers Signal First Steps Toward Hormuz Resumption
According to OilPrice.com citing Reuters, Saudi Arabia, Kuwait, and Iraq have asked their Asian customers to submit cargo loading nominations for April and May — including cargoes that would require passage through the Strait of Hormuz. The move is seen as a tentative signal that Middle East producers are preparing for a gradual resumption of flows through the critical chokepoint. Aramco, the world's largest crude exporter, has asked customers to submit loadings from both Yanbu on the Red Sea and Ras Tanura — the latter requiring Hormuz transit. However, maritime intelligence firm Windward cautioned Thursday that "transit through the Strait of Hormuz remains restricted, coordinated, and selectively enforced," and that "there has been no return to open commercial navigation."
WTI Retreats on Mixed Signals; JP Morgan Eyes $120 Scenario
According to OilPrice.com, WTI crude fell $2.24 (–2.29%) to $95.63/bbl Friday as the ceasefire announced Tuesday has failed to materially reopen Hormuz flows. Brent declined $1.54 (–1.61%) to $94.38/bbl. Despite today's pullback, the forward curve remains elevated. According to OilPrice.com citing JP Morgan, oil could spike back toward $120/bbl if the Hormuz stalemate drags into July without meaningful vessel traffic resuming.
Saudi SATORP Refinery Shut After Attack
According to OilPrice.com citing TotalEnergies, Saudi Arabia's SATORP refinery — a joint venture between Aramco and TotalEnergies — has been shut down after one of two refining units was damaged in this week's attacks. The shutdown adds to regional refining stress as Europe faces a potential jet fuel shortage within three weeks if Hormuz flows remain constrained, according to airport industry group ACI Europe.
Russia's Novorossiysk Resumes Reduced Loadings
According to OilPrice.com, Russia has restarted limited oil loadings at its Black Sea port of Novorossiysk following a drone strike earlier this week that forced a full suspension. The restart is at reduced capacity, adding another layer of supply constraint to global crude markets already strained by Middle East disruptions.
Disclaimer: This report is for informational purposes only and does not constitute investment advice. CIR Research Desk does not hold positions in any securities or commodities mentioned. Data sourced from OilPrice.com, Reuters, JP Morgan research, and ACI Europe. Market conditions are rapidly evolving — verify all data independently before acting. © 2026 Crude Intelligence Report.
