WTI Crude Jumps Over 6% on Strait of Hormuz Uncertainty
West Texas Intermediate crude surged more than 6% on Monday, erasing last week’s losses as uncertainty persists over the reopening of the Strait of Hormuz.
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The price of WTI climbed to around $81.15 per barrel, near a one-week high. The sharp move reverses the previous week’s decline as traders refocus on the supply risk from the critical waterway.
The Strait of Hormuz remains effectively blocked, keeping geopolitical risk premiums elevated and supporting oil prices.
Source: FXStreet Forex News