WTI Holds Gains Near $71.50 After Cargo Vessel Incident Near Oman

West Texas Intermediate (WTI) crude oil maintained its advance during Asian trading hours, hovering near $71.50 per barrel. The price strength comes after news that a cargo vessel was involved in an incident off the coast of Oman.

While details remain sparse, the event has raised supply concerns in a region critical for oil transit. Traders are monitoring for any further disruption to crude flows from the Middle East.

Prices have now risen for two consecutive sessions, recovering from recent lows. The move aligns with broader risk-on sentiment in commodity markets, though gains may be capped pending confirmation of the incident's impact on shipping lanes.