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WTI holds above $80 as Strait of Hormuz uncertainty lifts oil
WTI was about 1.55% higher near $82.70, with support tied to the 20-day EMA around $79.76 and potential gains toward $85.11.
WTI crude futures on NYMEX rose about 1.55% to around $82.70 during the European session on Tuesday, the highest level seen in over a week, as uncertainty around the reopening of the Strait of Hormuz deepened.
FXStreet links the move to heightened concerns after US President Donald Trump said Washington also demands reparations tied to Iran, escalating uncertainty over whether navigation through Hormuz will resume.
The report says Iran has outlined conditions for reopening, including compensation for war damage, unfreezing Iranian assets, removing a US naval blockade on Iranian sea ports, and lifting sanctions, while investors also look for remarks from Iran and Oman on a proposed framework to manage traffic near the strait.
Technically, WTI’s bullish near term bias remains while the price holds above the 20-day exponential moving average near $79.76, with the next upside target flagged around the July 31 high at $85.11, and resistance identified at $92.25 if that level is breached.
Latest closeWTI crude $82.30 ▲5.3%