Oil News: Crude Oil Futures Surge as Hormuz Risk Fuels Bullish Outlook
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Key Points:
- June WTI crude oil futures surge above $100 as Hormuz disruption tightens supply and drives a bullish oil outlook
- Spot Brent crude rallies toward $120 as Iran blockade extends, lifting supply risks and oil price projections
- API reports 1.79M barrel draw and 8M gasoline drop, boosting U.S. oil demand and supporting WTI futures
June WTI Holds $100 as Blockade Tightens the Supply Picture
June WTI crude oil is trading decisively above $100 a barrel Wednesday and that level is now support, not resistance. Spot Brent crude oil hit $114.32 in early trading and is threatening a breakout that puts $119 and $120 in play. Washington is extending the blockade of Iranian ports, the Strait of Hormuz is still not functioning normally, and the supply math keeps getting worse session by session. Keep reading for what the charts are saying and what is actually moving this market right now.