WTI futures pull back from session peaks near $77.55 as Iran sets new conditions for reopening the Strait of Hormuz.
West Texas Intermediate (WTI) futures on NYMEX trim early gains but remain 1.6% higher at $77.55 in European trading. The retreat follows a surge driven by renewed uncertainty over the reopening of the Strait of Hormuz, a critical chokepoint for nearly 20% of global oil supply.
Iran has demanded reparations and six conditions, including an end to U.S. sanctions and threats, before allowing navigation through the strait. Reports indicate Tehran seeks compensation for past conflicts and the release of frozen assets. Tensions between Iran-aligned Houthis and Saudi Arabia further strain global energy supply chains.
Markets remain cautious as geopolitical risks persist, with no immediate resolution in sight for the Hormuz standoff.