Snapshot: WTI Crude is currently trading at $96.23, up 0.61% on the session, driven primarily by continued uncertainty surrounding the Strait of Hormuz. The DXY is slightly softer at 98.14, offering minor support, but the geopolitical premium is the dominant driver.
- $97.10 represents the intraday high; a break above would signal further upside.
- Watch for any headlines regarding the Iranian proposal conveyed through Pakistani mediators; a positive resolution would likely trigger a sharp sell-off.
Bias into NY: We favour further upside in WTI toward $98.00 as long as tensions remain elevated, though the moderately long speculative positioning does leave Crude exposed to a downside correction on any de-escalation news.