WTI consolidates below $84.50, two-week top as bullish bias remains amid Hormuz standoff
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – extends its consolidative price move through the first half of the European session and currently trades near the $84.25-$84.30 area, close to a two-week high set earlier this Tuesday.
West Texas Intermediate (WTI) crude oil prices have consolidated below $84.50, marking the top of a two-week trend, according to recent market data. The price is currently hovering between $84.25 and $84.30, near a recent high reached on Tuesday. The market sentiment leans bullish, supported by the ongoing uncertainty surrounding the US-Iran standoff in the Strait of Hormuz.
This geopolitical tension continues to drive demand, as President Trump has claimed total control over the waterway, threatening military action against Oman if the strait remains blocked. Iran, meanwhile, asserts control over Hormuz and demands concessions from the US for resuming shipping. The volatile price action is closely monitored by Rabobank’s Energy Markets team, who note that the market remains highly sensitive to changes in the geopolitical landscape.
The uncertainty surrounding the Hormuz crisis has been a significant factor in WTI's recent performance, with a potential for further price appreciation despite short-term corrections.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
