WTI Jumps Above $84.50 as Strait of Hormuz Standoff Raises Supply Fears

BitcoinWorld WTI Jumps Above $84.50 as Strait of Hormuz Standoff Raises Supply Fears West Texas Intermediate (WTI) crude surged past $84.50 per barrel on [date], as escalating tensions in the Strait of Hormuz raised concerns about potential supply disruptions from the world’s most critical oil chokepoint.

The rally marks a significant move for the US benchmark, reflecting heightened geopolitical risk in the Middle East.

Why the Strait of Hormuz Matters for Oil Prices The Strait of Hormuz, a narrow waterway between Oman and Iran, handles roughly 20% of global oil consumption, making it a vital artery for crude shipments from Saudi Arabia, Iraq, the UAE, and other Gulf producers.

Any threat to its security directly impacts global supply expectations, and traders are now pricing in a higher risk premium.