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macroJul 17, 2026, 1:11 PM

Oil's Bull Flag Hides Record Fuel Squeeze as WTI Nears $80

WTI crude oil is trading near $80 after renewed US-Iran attacks and a slowdown in Strait of Hormuz traffic. The chart shows a bull flag, but analysts warn of a hidden record fuel squeeze.

WTI

WTI crude oil has recovered to near $80 following renewed military strikes between the US and Iran, and a sharp decline in vessel traffic through the Strait of Hormuz. The technical chart pattern displays a bull flag, suggesting potential upside.

However, the crude chart understates the pressure building downstream. A record fuel squeeze is developing beyond the headline crude price, hinting at deeper supply constraints in refined products.

Source: FXStreet Forex News