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WTI holds gains near $93 as Middle East risk supports crude
WTI is trading within a multi-day range, as traders weigh Middle East developments including potential Strait of Hormuz impacts and renewed Saudi exports.
WTI, the benchmark US crude oil price, attracted fresh buying and rose to the $93.00 area during Tuesday’s Asian session, according to FXStreet.
FXStreet said the market is still confined within a multi-day trading range as traders await more clarity on the Middle East crisis, with geopolitical risk staying a tailwind for crude.
The outlet pointed to US President Donald Trump rejecting an Iran peace proposal tied to reopening the Strait of Hormuz on meeting his terms, and denying an Axios report that he offered Iran sanctions relief and release of frozen funds for nuclear-related steps.
FXStreet also cited that US and Iranian negotiators exchanged messages on Monday and were expected to resume talks this week, while Saudi Arabia resumed exporting oil via its East-West Pipeline after repairing damage from Houthi drone strikes, easing some supply concerns.
Latest closeWTI crude $93.42 ▲1.1%