WTI climbs to $76.00, eyes one-year high amid rising tensions in the Middle East
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WTI scales higher for the third straight day amid concerns about supply disruptions.
The USD consolidates below the YTD peak and further lends support to the commodity.
Trump’s reassurance does little to hinder the weekly uptrend, favoring bullish traders.
West Texas Intermediate (WTI) US Crude Oil prices attract fresh buyers on Wednesday and climb back closer to the highest level since January 2025, touched the previous day. The commodity currently trades around the $76.00 mark, up over 3% for the day, and seems poised to builds on its sharp gains registered over the past three days.
The intensifying US-Israel-Iran conflict has raised the risk of prolonged supply disruptions from the Middle East amid the de facto closure of the Strait of Hormuz. In fact, Iran’s Islamic Revolutionary Guard Corps (IRGC) has warned that any vessel attempting to pass through the strategic waterway would be set on fire. This, in turn, is seen as a key factor that continues to act as a tailwind for Crude Oil prices.
Meanwhile, President Donald Trump assured that the US Navy will protect ships in the Middle East, if necessary, in a bid to stop the energy supply crunch. However, nobody is willing to take the risk to make their way across the strait. Furthermore, the US Dollar (USD) consolidates below its highest level since November 2025, set on Tuesday, and supports the USD-denominated commodities, including Crude Oil prices.
Any meaningful USD corrective fall, however, seems limited on the back of reduced bets for more aggressive policy easing by the Federal Reserve (Fed). In fact, traders have pared their expectations for three Fed rate cuts in 2026 amid concerns that the recent surge in Oil prices could rekindle inflation. Nevertheless, the supportive fundamental backdrop backs the case for a further appreciating move for the commodity.
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