WTI Crude Near $74 as Hormuz Reopening Hopes Fuel $67 Downside Target
WTI futures fell 0.45% to around $74 on Thursday, extending losses near three-week lows as optimism over a Strait of Hormuz reopening raises the risk of a drop to $67.
West Texas Intermediate crude oil futures on NYMEX slipped 0.45% during early European trading on Thursday, hovering around $74 a barrel. The decline brought prices near the previous session’s three-week low of $73.51.
The downside pressure is linked to growing optimism over a potential reopening of the Strait of Hormuz, a critical oil transit chokepoint. Analysts see further weakness ahead, with a forecast pointing to a drop toward the $67 level if tensions ease.
The move extends a broader retreat from recent highs, with traders monitoring geopolitical developments for signs of increased supply flow.
Source: FXStreet Forex News