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macroJul 9, 2026, 1:22 AM

WTI holds above $74.00, close to two-week top as bears hesitate on US-Iran/Hormuz risks

WTI crude oil remains above $74.00, hovering near a two-week high as traders assess US-Iran tensions and risks to shipping through the Strait of Hormuz.

USOIL

West Texas Intermediate (WTI) crude oil is trading above $74.00 during Thursday's Asian session, staying close to a two-week peak of $75.75 reached earlier this week.

The market is showing caution as bears hesitate to push prices lower, with geopolitical risks surrounding US-Iran relations and the Strait of Hormuz providing a floor for prices. Traders are monitoring any developments that could disrupt supply from the key Middle Eastern chokepoint.

Despite the slight pullback from the recent high, WTI remains supported by ongoing tensions and a generally risk-averse tone in broader financial markets.

Source: FXStreet Forex News