WTI Crude Oil Rises on Supply Fears, Bulls Target $78
West Texas Intermediate crude oil edged higher on Monday as supply concerns tied to the US-Iran standoff over the Strait of Hormuz supported prices.
WTI crude oil began the week on a positive note, driven by renewed supply worries. The ongoing standoff between the United States and Iran over the reopening of the Strait of Hormuz kept traders on edge.
Market bulls are eyeing a sustained break above the $78.00 per barrel level. A decisive move above this threshold could pave the way for further gains, as supply disruption risks remain at the forefront.
No major policy shifts or production changes were reported, keeping the focus squarely on geopolitical tensions. Prices firmed in early Asian trading as sentiment leaned cautiously optimistic.
Source: FXStreet Forex News