WTI and Brent crude traded through a volatile stretch from this week, driven almost entirely by headlines tied to the U.S.-Iran conflict. By Thursday night, June WTI crude was trading at $89.23, up $0.25, or 0.28%. The week started with a sharp rally as supply fears spiked, then shifted into a mix of profit-taking and cautious buying as traders weighed the risk of a longer disruption against the chance of renewed talks. At the center of everything was the Strait of Hormuz, a key shipping route for global oil, and the question of how long those flows could stay restricted.
Geopolitical Risk Sparks Early Rally in Crude Oil News Today
Oil prices pushed higher at the start of the week after U.S.-Iran talks broke down and Washington moved to block Iranian ports. That move immediately raised concerns about supply losses. Reports suggested millions of barrels per day were at risk, which helped drive both WTI and Brent sharply higher. Brent moved close to $100, while WTI followed just behind.
The key issue wasn’t just the disruption itself, but how long it might last. Traders quickly priced in the risk of an extended conflict, which added a strong risk premium to crude. Forecast upgrades from major banks reinforced that view, with expectations that supply would not return to normal quickly even if tensions eased.
Physical Market Tightness Supports Oil Prices Projections
