Snapshot: WTI crude trades at $103.31, down 1.89% on the session, reversing yesterday’s gains as broader risk sentiment sours. The focus remains on supply risks emanating from the Middle East despite the headlines of a Canada-US pipeline nearing completion. Watch for the 10:00 ET release of ISM Services PMI and JOLTS data for further directional cues.
- Initial support at $102.60, yesterday’s low.
- Geopolitical risks surrounding the Strait of Hormuz remain elevated, contributing to price volatility, particularly given the news flow regarding intercepted missiles and attacks on tankers.
Bias into NY: Downside favored as the stronger DXY at 98.26 and weaker risk appetite weigh on crude. A break below $102.60 opens a path towards $100.