Synopsis: WTI crude futures surged over 1.5% on Thursday to cross the $94 mark as military interceptions in Asian waters and a tightening US supply outlook fueled strong technical “buy” signals across global markets.
WTI crude futures climbed to $94.44 per barrel on Thursday, rising for the fourth straight session as diplomatic efforts between the US and Iran showed little progress. Market volatility spiked after reports indicated the US intercepted at least three Iranian oil tankers in Asian waters, while Tehran continues to assert control over the Strait of Hormuz, reportedly firing on commercial vessels.
This geopolitical friction is intensified by a sustained US blockade of Iranian ports and President Donald Trump’s statement that current ceasefires remain indefinite pending a revised peace proposal which Tehran has shown no immediate intent to discuss. Currently, the commodity is exhibiting a “Strong Buy” technical profile, with the day’s trading range reaching as high as $97.19 and showing a massive 51.5% increase over the past year.
On the supply side, EIA data revealed declines in US inventories across key refined products, pointing to solid demand from both domestic consumption and export markets. This fundamental tightness is being compounded by reports that Washington is considering a US Dollar lifeline for the UAE to mitigate the economic shock of the Hormuz supply disruptions.
While WTI is currently trading near its daily peak, the broader energy complex remains under pressure, with Brent oil also tracking higher at $103.49. Investors remain on high alert as the technical indicators across all timeframes, from hourly to monthly, signal continued upward momentum amid the deteriorating security situation in the Persian Gulf.
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