WTI Crude Jumps on US Shipping Advisory Near Iran

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Risk Premium Returns

The advisory acted as a wake-up call for traders who had become complacent about Middle East risks. The potential for vessel boardings or seizures is now being priced back into the market, offsetting yesterday's bearish supply news.

Technical Bounce

WTI successfully tested support at $62.00 yesterday and has bounced firmly off that level, with technical buyers targeting the $65.00 resistance zone next.