Snapshot: WTI crude is trading at $98.27, up 0.43% on the session, as escalating geopolitical tensions in the Middle East raise supply concerns. Trump’s rejection of Iran’s proposal and drone attacks near Qatar are today’s catalysts.
- Watch for a break above $100.35 to confirm upside momentum, targeting $102 next.
- Risk: Further escalation in the Middle East could lead to a significant supply shock.
Bias into NY: Bullish. The disruption in the Strait of Hormuz, coupled with the failure of negotiations with Iran, supports higher prices, with a potential test of $100 in sight if tensions persist.