Texas Oil Rises 0.50% to $82.64 on Strait of Hormuz Tensions

West Texas Intermediate crude oil opened Thursday up 0.50% at $82.64 per barrel, as investors monitored diplomatic efforts to ease tensions in the Strait of Hormuz. October futures contracts gained $0.41 from the prior close. The rise follows President Donald Trump's statement Wednesday that he holds "much advantage" over Iran and is not rushing peace talks, while the UKMTO reported a tanker was hit by an unknown projectile in the strait, causing a fire but no crew injuries or environmental damage. The incident adds to market concerns about supply disruptions through the key shipping route, which carries about 20% of global oil.