WTI Oil Gains on Renewed Conflict Fears as US Iran Talks Stall

Strait of Hormuz Anxiety

Roughly one-fifth of the world's total oil consumption passes through the Strait of Hormuz. The lack of a diplomatic breakthrough keeps headline risks elevated, forcing a war premium back into the price despite bearish IEA forecasts.

US Consumer Sentiment

Supporting the demand side, US consumer sentiment unexpectedly hit a six-month high. This improved economic outlook is calming fears that a domestic slowdown would lead to a collapse in fuel demand.