WTI Oil Holds Near $70 as Strait of Hormuz Tensions Mount
Crude oil prices are trading flat on Monday, with WTI hovering around $70.00 as geopolitical risks in the Strait of Hormuz offset a prior decline.
WTI
West Texas Intermediate crude oil prices stalled their recent decline on Monday, holding near the $70.00 mark. The US benchmark remains essentially unchanged as traders weigh a deteriorating situation in the Strait of Hormuz.
The strategic waterway, a key chokepoint for global oil shipments, has seen increased tensions, providing a floor for prices. However, the market has not yet priced in a clear directional move, leaving WTI in a narrow range.
Source: FXStreet Forex News