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WTI rises after US and Saudi strikes raise Iran supply disruption fears
WTI was up 3.2% to about $81.00, with traders also watching the Fed decision as CME FedWatch showed a 69.5% chance of unchanged rates.
WTI futures gained sharply, trading about 3.2% higher near $81.00, as attacks by the United States and Saudi Arabia on Iran-aligned groups in Iraq renewed concerns about a prolonged disruption to global energy supply.
The coverage pointed to renewed anxiety over shipping through the Strait of Hormuz, which carries nearly 20% of global energy supply. It cited reports that Saudi and US forces conducted targeted strikes in coordination, and that Iranian-linked actions had led tankers to fear routing risk while Iranian forces were described as striking and stopping tankers after warnings were ignored.
Investors also looked ahead to the Federal Reserve policy decision later in the session. According to CME FedWatch, traders assigned a 69.5% chance the Fed would leave interest rates unchanged at 3.50% to 3.75%.
On the price chart, the article said WTI is trying to regain levels above the 20-day exponential moving average near $80.37, and it flagged the July 28 low around $77.16 and the July 13 low near $72.53 as nearby downside levels. It also noted the 50-day high at $92.25 as the next upside target if WTI extends its recovery above the July 27 high near $84.58, with the 14-day RSI around 51 indicating neutral-to-positive momentum.
Latest closeWTI crude $81.23 ▼1.7%