WTI Crude Rallies on Iranian Naval Maneuvers and US Shipping Advisories

Geopolitical Surcharge

The 'war premium' has expanded to roughly $4 per barrel. While fundamental data points to a global surplus in late 2026, the immediate risk of a physical disruption in the Persian Gulf is forcing shorts to cover their positions.

Refinery Demand

US Gulf Coast refineries are ramping up runs to capitalize on high gasoline margins, creating a strong domestic bid for WTI barrels that is preventing a slide below $60 despite the broader macro headwinds.