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WTI holds above $81 as Hormuz reopening talks stall
WTI futures were about 0.6% higher near $84.8, supported by supply-disruption fears tied to stalled US-Iran talks on reopening the Strait of Hormuz.
West Texas Intermediate (WTI) futures traded around $84.8 during the European session on Wednesday, up about 0.55%. FXStreet said the oil market stayed firm as fears of prolonged energy supply disruption persisted amid a deadlock between the United States and Iran over reopening the Strait of Hormuz, a key shipping passage for global energy flows.
FXStreet pointed to a Trump post on Truth Social stating there were no talks or scheduled discussions with Iran about reopening Hormuz, while the naval blockade remained in effect. The outlet also cited Kpler data reported by Reuters that six commodity vessels crossed the strait on Tuesday, down from nine the previous day and below the 10-day daily average of 11.
On the technical side, FXStreet said WTI maintained a bullish near-term bias while holding above the 20-day exponential moving average at $81.22. The outlet added that the relative strength index was at 56.9, and that a decisive break above $85 was needed to extend the rally toward $90, with the two-week high at $92.25 as the next hurdle.
Latest closeWTI crude $82.40 ▲1.4%