WTI crude climbs over 6% amid ongoing uncertainty over the Strait of Hormuz reopening, fueling supply disruption concerns.
Oil prices jumped more than 6% as uncertainty over the reopening of the Strait of Hormuz kept supply risks elevated. West Texas Intermediate (WTI) traded near $81.15 per barrel, recovering last week’s losses.
The rally follows growing concerns over potential disruptions in a key oil transit route, which handles about one-fifth of global crude shipments. Prior sessions saw prices retreat on easing Middle East tensions, but delays in reopening the strait reversed the trend.
Markets reacted swiftly to the geopolitical risk premium, with energy futures leading gains in early trading.