Oil News: Crude Oil Outlook Strengthens as U.S. Blockade Threatens Hormuz Supply
By:
Crude oil outlook strengthens as U.S. blockade threatens Strait of Hormuz supply, tightening global flows and signaling further upside in crude oil futures.
Oil Surges Past $100 as U.S. Navy Moves to Block Iranian Shipping Routes
Peace talks failed, the U.S. Navy is moving to block Iranian shipping routes and May WTI crude jumped more than 7% to $103.66 a barrel. Brent crude crossed $100 at the same time. This is the escalation traders have been pricing in as a tail risk since the conflict started and now it’s happening. The question isn’t whether oil goes higher from here. The question is how much higher and how fast. Keep reading for what the charts are saying and what this means for prices over the next week.