Snapshot: WTI Crude is down 5.14% to $88.69, driven by reports of progress in restoring shipping through the Strait of Hormuz. The Fed’s April discount rate meeting minutes are a secondary factor, suggesting continued vigilance on inflation. No major US data before the NY open.
- Watch for further confirmation of Hormuz Strait traffic; breach of $87.80 (day low) signals further downside.
- Risk: Secretary Rubio warns that any peace agreement could still take several days to complete.
Bias into NY: Bearish. Easing supply concerns are likely to pressure US Oil further, targeting a break of the $87.80 intraday low, with the DXY hovering near 99.00 offering little support.