WTI crude rises over 1% to $82.50 after Iran sets conditions for reopening the Strait of Hormuz, fueling supply concerns.
West Texas Intermediate crude climbed 1.3% to near $82.50 on Tuesday, extending Monday’s 7% surge amid escalating US-Iran tensions. Iran’s demand for US compensation and Washington’s counterclaims dimmed hopes for a near-term deal over the Strait of Hormuz, a critical oil transit route.
The rally erased last week’s losses, driven by fears of prolonged disruptions to Iranian exports. Analysts cited persistent geopolitical risks as the primary catalyst, with Commerzbank noting the Strait’s vulnerability as a key factor.
The US Dollar Index remained slightly below 100.00 early Tuesday, recovering modestly after last week’s declines. Mid-tier US data releases, including the NFIB Business Optimism Index, are due later in the day.