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macroJun 29, 2026, 11:45 AM

WTI Oil Holds Near $70 as Strait of Hormuz Tensions Mount

Crude oil prices are trading flat on Monday, with WTI hovering around $70.00 as geopolitical risks in the Strait of Hormuz offset a prior decline.

WTI

West Texas Intermediate crude oil prices stalled their recent decline on Monday, holding near the $70.00 mark. The US benchmark remains essentially unchanged as traders weigh a deteriorating situation in the Strait of Hormuz.

The strategic waterway, a key chokepoint for global oil shipments, has seen increased tensions, providing a floor for prices. However, the market has not yet priced in a clear directional move, leaving WTI in a narrow range.

Source: FXStreet Forex News