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WTI rises to about $86 amid Strait of Hormuz disruption fears
WTI is up roughly 2% on the day, supported by global supply constraints tied to Hormuz closures and other shipping disruptions.
West Texas Intermediate crude futures on NYMEX traded about 2% higher at roughly $86 during the European session Thursday, marking the highest level in more than three weeks, according to FXStreet.
The rise reflects continued concerns over squeezed global energy supply as the Strait of Hormuz and the Bab el-Mandeb Strait remain closed. FXStreet notes the two routes together account for 27% of global energy supply.
FXStreet also points to US pressure aimed at Iran, citing President Donald Trump warning that any country providing financial or commercial “lifeline” support to Iran could face severe consequences. The US effort to isolate Iran has increased fears that the disruption could last.
On technicals, FXStreet says WTI is trading above the 20-day exponential moving average near $81.65, with the 14-day relative strength index at 59.2, suggesting supportive momentum without showing clear overbought conditions. Immediate support is cited around the recent pivot near $86.12, with deeper support linked to the 20-day EMA.
Latest closeWTI crude $82.40 ▲1.4%