WTI rises to near $84.50 as IRGC claims supertanker struck by mines in Hormuz
West Texas Intermediate (WTI) rebounds and continues its intraday gains, trading around $84.40 per barrel during the Asian hours on Monday.
West Texas Intermediate (WTI) oil prices surged near $84.50 per barrel after Iran's Islamic Revolutionary Guard Corps (IRGC) claimed a rogue supertanker struck by mines in the Strait of Hormuz. The IRGC stated the vessel was attempting to pass through the waterway illegally, warning of strict compliance with Iranian rules for passage.
In retaliation, Iran launched a barrage of missiles targeting positions in the Strait of Hormuz, including Tehran, Karaj, and Shiraz. This marked the first direct strike on Iranian military positions in over a month. Despite US forces monitoring the Strait to protect global trade routes, the attack represented a shift from previous economic sanctions strategy.
Brown Brothers Harriman cautions limited upside pressure on crude oil prices. WTI oil, a high-quality crude benchmark, is currently trading at $84.40, showing bullish bias above key support levels. The technical analysis suggests WTI may advance toward higher levels as long as it remains above recent support clusters.
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