Crude Oil (WTI)

Key insight

88.64 consolidates below Tuesday's $90.50 spike high; a confirmed close above $90.50 opens the $93–$95 zone. Hormuz closure risk keeps the floor elevated near $85.80 200-day MA.

Held above 6-week highs after Tuesday's +5.2% Hormuz-shock surge; Strait disruption structural, SPR near operational floor — supply buffer gone.

Main risk

Iran-US ceasefire / Hormuz reopening

Rapid de-escalation or reopening of Hormuz shipping lanes would flush the $3–4 geopolitical risk premium fast, targeting $84–$85.