Oil Prices Rise on Persistent Strait of Hormuz Supply Risks
Crude oil remains supported by supply disruptions near the Strait of Hormuz, while money managers trim bullish bets amid cautious sentiment.
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Oil prices continue to climb as ongoing uncertainty surrounding the Strait of Hormuz sustains supply concerns. The pivotal chokepoint, through which a significant share of global crude transit, keeps markets on edge.
Meanwhile, speculative positioning is turning cautious. Money managers sharply reduced net long positions in both NYMEX WTI and ICE Brent contracts, signaling a retreat from bullish bets despite the price-supportive supply backdrop.
Source: FXStreet Forex News