Commodities
Home›Commodities›Energy›WTI closes up $2.10 as Strait of Hormuz risk lifts cru…
WTI closes up $2.10 as Strait of Hormuz risk lifts crude
The contract settled at $84.50, and the $83.87 50% midpoint of a recent decline is now framed as a key support level.
Oil prices ended sharply higher, with WTI settling at $84.50, up $2.10 or 2.55% on the day, as the final hours of trading pushed prices upward. Forexlive said the rally gained traction as crude traded with a geopolitical risk premium and momentum from late-session buying.
The Strait of Hormuz remains the key fundamental driver, with sharply reduced shipping traffic raising concerns about potential Middle East supply disruptions. Forexlive also pointed to stalled U.S.-Iran negotiations as another factor that helps keep that risk priced into crude.
The upside is tempered by forces that could limit supply concerns, including Gulf producers finding alternative routes to move barrels. At the same time, softer expectations for global demand and plans for increased OPEC+ production were cited as potential headwinds.
From a technical perspective, Forexlive noted WTI spent much of the session trading above and below its 100-hour moving average at $82.47 before buyers took firmer control late. The late surge carried WTI above last week’s swing high near $84.54 and above the 50% midpoint of the July 23 to August 5 decline at $83.87, which the outlet highlighted as an important support level going forward.
Latest closeWTI crude $82.40 ▲1.4%