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WTI stays near one-month highs as Hormuz risks keep supply premium
WTI is about $78.7 a barrel, up roughly 10% this week, after US crude inventories fell by 1.693 million barrels, according to the latest EIA data.
WTI crude traded around $78.7 a barrel, consolidating modest losses on Wednesday but remaining close to a one-month high as escalating Middle East tensions kept supply risks tied to the Strait of Hormuz in focus.
FXStreet said traders were also digesting an update from the US Energy Information Administration, which showed crude inventories fell by 1.693 million barrels last week versus an expected 2.6 million-barrel decline. The draw reversed the prior week’s 2.998 million-barrel increase, the first inventory build in eleven weeks.
The outlet added that US forces carried out another round of strikes against Iran, with US Central Command saying the attacks aimed to weaken Iran’s ability to target commercial shipping in the Strait of Hormuz.
FXStreet noted the geopolitical backdrop is keeping a risk premium embedded in oil prices, while WTI remains above its 200-day Simple Moving Average near $73.67 and faces overhead caps around the 50-day and 100-day averages near $83.80 and $87.33.
Latest closeWTI crude $79.90 ▲2.2%