Snapshot: WTI crude futures are trading near $105 per barrel, after an earlier spike above $108. Geopolitical tensions in the Middle East are the primary driver, threatening potential supply disruptions.
- Watch for escalations around the Strait of Hormuz, which could send Oil sharply higher.
- A temporary waiver of US sanctions on Iranian oil is a key risk to the upside, as indicated by Iranian media reports.
Bias into NY: Bullish, with a potential run towards $110 if tensions escalate further in the Persian Gulf. However, a resolution to the Iranian sanctions issue could trigger a sharp reversal.