Crude Oil (WTI)

Key insight

$100 round number holds as intraday floor; break below drags to 98.50 (50-day MA). Saudi East-West pipeline closure and Hormuz tanker strikes are bullish supply shocks, but technical correction underway from $105 spike high.

Pulled back -1.52% to $100.14 after Tuesday's 4-month high near $105 — Strait of Hormuz risk priced in, now fading as no further escalation confirmed.

Main risk

Strait of Hormuz Escalation / De-escalation

Two supertankers struck near Hormuz Mon night; further attacks push $110+. Ceasefire or US diplomatic deal collapses the geopolitical premium fast.