Snapshot: WTI crude is trading at $99.78, up $3.31 or 3.43% on the session, boosted by persistent supply concerns following the UAE’s withdrawal from OPEC and ongoing tensions surrounding the Strait of Hormuz. The CB Consumer Confidence release at 10:00 ET will be closely watched for potential demand implications.
- WTI’s break above $100 is a key level; sustained trading above this could trigger further upside.
- Watch for any headlines regarding US-Iran negotiations, as progress or setbacks could significantly impact supply assumptions.
Bias into NY: The upward momentum in WTI is likely to continue, targeting $102, driven by supply fears and a modestly supportive risk environment despite a firmer DXY at 98.58.