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macroAug 10, 2026, 10:27 AM

Oil Breaks Out as Strait of Hormuz Risk Keeps Bulls in Play

WTI crude oil prices started the week firmer, breaking out of a corrective Elliott Wave pattern as geopolitical tensions around the Strait of Hormuz support bullish sentiment.

WTI

WTI crude oil opened the week with gains, moving above a corrective Elliott Wave zig-zag formation. Technical analysts noted that the breakout suggests bullish momentum may continue in the near term.

The move comes as traders monitor risks to oil shipments through the Strait of Hormuz, a critical chokepoint for global crude. Ongoing geopolitical tensions in the region are keeping supply concerns elevated, supporting the upside bias in oil markets.

Source: FXStreet Forex News