WTI Crude Hovers Near Three-Week Low as Hormuz Shipping Deal Awaited
West Texas Intermediate crude oil trades around $74 per barrel, staying under pressure as markets await confirmation of a potential resumption of commercial shipping through the Strait of Hormuz.
WTI
WTI crude oil is holding near its lowest level in three weeks, with prices fluctuating around $74 per barrel on Wednesday. The market remains cautious as investors await news on the Strait of Hormuz, a critical oil transit chokepoint.
A potential agreement to resume commercial shipping through the strait could ease supply concerns, but for now, traders are refraining from aggressive selling. The lack of fresh catalysts has kept WTI in a tight range, with the near-term direction hinging on the Hormuz developments.
Source: FXStreet Forex News