Oil News: Crude Oil Futures Higher as Hormuz Risk Lifts Oil Outlook
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Key Points:
- Crude oil futures stay supported as Hormuz shipping disruptions keep supply risks above demand concerns.
- WTI and Brent hold above their 200-day moving averages, keeping the door open for a larger rebound.
- U.S. strikes on Iranian infrastructure increase fears that Gulf oil exports could face deeper disruptions.
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Crude oil is trading like the only question left is whether the barrels make it out of the Persian Gulf. U.S. strikes hit Iranian infrastructure over the weekend, the president called the ceasefire dead on the record, and vessel traffic through the Strait of Hormuz keeps slowing down with no one working on a fix. The demand bears have a case and none of them want to press it right now. You do not short crude when bombs are landing near loading terminals and consuming nations are sitting on the thinnest stockpiles in years.