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macroJul 7, 2026, 4:15 PM

WTI Rises Over 2% as Strait of Hormuz Attacks Raise Supply Fears

West Texas Intermediate crude oil jumped more than 2% on Tuesday after fresh attacks near the Strait of Hormuz threatened the recovery in shipping, with WTI trading near $70.00.

WTI

West Texas Intermediate (WTI) crude oil edged higher on Tuesday, gaining over 2% as renewed attacks near the strategic Strait of Hormuz revived supply concerns. The incidents pose a risk to the recent recovery in shipping that followed the interim US-Iran peace deal.

At the time of writing, WTI was trading around $70.00, up approximately 2.20% on the day. The geopolitical tension in the region, a key chokepoint for global oil shipments, underpinned the price advance as traders assessed potential disruptions to crude flows.

Source: FXStreet Forex News