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WTI eases from session high as Hormuz reopening uncertainty persists

WTI was still up 1.6% around $77.55 in European trade, as investors weighed Iran’s conditions, including demands for reparations and a sanctions lift.

Reported · Written up by our desk · Energy

West Texas Intermediate oil futures on NYMEX gave back some early gains but remained higher in European trading on Monday, according to FXStreet. WTI was about 1.6% higher around $77.55 as prices pulled back from the day’s peak.

The retreat followed renewed uncertainty over reopening the Strait of Hormuz, a shipping chokepoint for close to 20% of global energy supply. FXStreet noted that Iran’s foreign ministry has set conditions for navigation, including reparations demand and an end to US threats and hostile actions.

FXStreet also cited broader regional supply risk, with tensions between Iran aligned Houthis and Saudi Arabia affecting the energy supply chain. A Houthi military spokesperson said they targeted an Aramco refinery in Jazan with a drone, adding to investor concern about disruptions.

Latest closeWTI crude $78.07 ▲3.8%

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