WTI Crude Oil futures rallied as Gulf shipping attacks sustained supply concerns.
Bob Iaccino provides a technical and fundamental breakdown of the energy market, highlighting a third consecutive positive session for September WTI Crude Oil futures. Prices climbed over 4.6% to settle near recent highs, bringing the total rally past 10% since the August 5 low. On the fundamental side, ongoing geopolitical risks in the Middle East continue to support prices. While diplomatic talks between the U.S. and Iran regarding the reopening of the Strait of Hormuz are ongoing, significant hurdles remain. Additionally, recent airstrikes and targeted actions against vessels in the Gulf and Red Sea have kept a risk premium embedded in the market as supply concerns remain elevated.
Bob Iaccino provides a technical and fundamental breakdown of the energy market, highlighting a third consecutive positive session for September WTI Crude Oil futures.
Prices climbed over 4.6% to settle near recent highs, bringing the total rally past 10% since the August 5 low.
On the fundamental side, ongoing geopolitical risks in the Middle East continue to support prices.
While diplomatic talks between the U.S. and Iran regarding the reopening of the Strait of Hormuz are ongoing, significant hurdles remain.
Additionally, recent airstrikes and targeted actions against vessels in the Gulf and Red Sea have kept a risk premium embedded in the market as supply concerns remain elevated.