WTI Rises to Near $69.00 Despite OPEC+ Production Hikes

West Texas Intermediate (WTI) crude oil prices continued their upward momentum for a third consecutive session, hovering near $69.00 per barrel in Asian trading. The advance persisted despite ongoing OPEC+ production increases and the resumption of normal shipping traffic through the Strait of Hormuz, factors that typically weigh on prices.

The move suggests that traders are focusing on demand-side optimism or other supply-side risks rather than the immediate OPEC+ supply boost. The Hormuz channel, a key transit route for global oil, remains operational, further reducing the likelihood of near-term supply disruptions. However, the sustained price appreciation indicates that the market may be pricing in tighter conditions ahead.