June WTI futures settled near $97 after volatile trading driven by geopolitical risks and supply concerns in the Strait of Hormuz.
June West Texas Intermediate crude futures fluctuated sharply, hitting a high of $107.46 and a low of $88.66 before closing near $97 a barrel. The volatility stemmed from escalating U.S.-Iran tensions and disruptions in the Strait of Hormuz, a critical oil transit route.
Earlier in the year, WTI traded in a narrower range, with prices averaging around $90-$95. The recent swings exceeded typical market movements, reflecting heightened sensitivity to geopolitical developments and supply chain risks.
Markets showed limited immediate reaction to the stabilization, as traders awaited further clarity on diplomatic negotiations and potential supply impacts.