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Prices for West Texas Intermediate (WTI) crude oil are trading near the psychological level of $100.
On Sunday, French President Emmanuel Macron stated that the freedom of navigation through the Hormuz Strait must be restored as soon as possible. Meanwhile, EU foreign ministers in Brussels are discussing a potential naval maneuver in response to the strait blockage. US President Donald Trump also reported on negotiations with partners to secure this route, which overall reduces risks to global supply chains.
Nevertheless, WTI continues to gain momentum against the backdrop of plans from the Trump administration due to potential strikes on strategic export facilities in Iran, a member of OPEC, on Kharg Island. The market is awaiting the American Petroleum Institute (API) weekly report, scheduled for publication later on Tuesday.
Following the US attack on Iran's main oil hub on Kharg Island and Trump's demands for partners to assist in unblocking the Hormuz Strait, oil prices surged. On Monday, Trump confirmed negotiations with other countries to control the strait, noting cooperation with Israel to ensure the security of this vital shipping route.
The US President warned that if Tehran obstructs operations, attacks may affect Iran's energy infrastructure, considering the effective closure of the Hormuz Strait since February 28 amid US-Israeli operations. "Strikes on Kharg and Trump's threats escalate the conflict," noted Natasha Kaneva, head of global commodity strategy at JPMorgan.
Meanwhile, the historic release of 400 million barrels of oil by the International Energy Agency (IEA) from strategic reserves may temper the WTI rally. According to the IEA, the release of a record 400 million barrels of oil is part of an effort to mitigate the economic consequences of the US and Israel's war with Iran. The coordinated release of emergency oil reserves by IEA member countries is designed to temporarily increase supply and prevent explosive price rises amid geopolitical risks.
From a technical perspective, the oscillators on the daily chart are positive, generally confirming the continuation of the upward trend, but the relative strength index is in the overbought zone, indicating a possible correction. The path of least resistance is upward.
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