WTI jumps roughly 8% toward $100 as US blockades Strait of Hormuz
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West Texas Intermediate (WTI) – the US oil benchmark – has opened the week with a bullish gap, climbing roughly 8%, looking to retarget the $100 threshold.
Following a down week, the latest surge is mainly driven by the re-escalation of the conflict between the United States (US) and Iran.
The 21-hour-long peace talks over the weekend failed and prompted US President Donald Trump to pledge to blockading Iranian ports and the maritime traffic via the Strait of Hormuz.
The US Central Command (CENTCOM) announced that the “Forces will start blockade of all maritime traffic entering and exiting Iranian ports on Monday, 10 AM ET” (14:00 GMT).
Meanwhile, the latest Wall Street Journal Report (WSJ) report stated that President Trump and his advisers are weighing restarting limited military strikes in Iran in addition to the US blockade of the Strait of Hormuz as a way to break a standoff in peace talks.
Looking ahead, the focus remains on further details of the US blockades to the Strait and its implications on the already fragile US-Iran ceasefire.
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