Snapshot: WTI Crude is up $4.49 to $103.98, driven by escalating concerns over Middle East supply disruptions. The potential for further upside hinges on the outcome of the 14:00 ET FOMC decision and statement.
- A break above the day’s high of $104.31 would signal further bullish momentum.
- Increased volatility around the Strait of Hormuz remains a significant risk, with any escalation potentially triggering a sharp price spike.
Bias into NY: We favour further upside in US Crude targeting $105.00 as long as geopolitical tensions persist; a stronger dollar or hawkish shift from the Fed at 14:00 ET could temper gains.