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macroJul 7, 2026, 2:25 AM

WTI Rises Above $69.00 as Iran Strikes Commercial Vessels in Hormuz

West Texas Intermediate (WTI) oil price gained ground to around $69.20 per barrel during Asian hours on Tuesday, boosted by renewed geopolitical tensions in the Strait of Hormuz after Iran struck commercial vessels.

WTI

West Texas Intermediate (WTI) crude oil broke above $69.00 during Asian trading on Tuesday, reaching around $69.20 per barrel. The move reverses modest losses from the previous session.

The price spike follows reports that Iran struck commercial vessels in the Strait of Hormuz, a critical chokepoint for global oil shipments. The incident has reignited geopolitical risk premiums in crude markets, though the sustainability of the rally remains uncertain.

Traders are monitoring further developments in the region, as any escalation could disrupt supply flows from major Middle Eastern producers.

Source: FXStreet Forex News