WTI Crude Prices Consolidate Amid Hormuz Shipping Anxiety

Shipping Risks vs Glut

New advisories from the US Navy regarding Iranian patrol boat activity have kept a 'fear premium' of roughly $3-$4 in the price. Without these tensions, WTI would likely be testing the $60 support level given the surge in Brazilian and Guyanese production.

US Domestic Demand

Gasoline crack spreads have improved, encouraging high refinery runs. This provides a steady demand pull for WTI barrels in the Gulf Coast, even as export demand remains sensitive to global economic cooling.