WTI recovers above mid-$98.00s after gap lower as Hormuz risks offset OPEC+ output hike

WTI crude oil prices have rebounded above the mid-$98.00s following a previous decline, as geopolitical tensions in the Strait of Hormuz counterbalance the recent increase in OPEC+ production. The recovery is primarily driven by heightened risk appetite among traders, as concerns over potential supply disruptions in the region overshadow the impact of increased output from OPEC+. Oil markets are particularly sensitive to these dynamics, with prices reacting to both geopolitical developments and production adjustments. Traders will be closely watching upcoming inventory data from the U.S. Energy Information Administration (EIA) for further insights into supply-demand balances.

Crude oil (WTI/Brent) reacts in real time to OPEC+ production decisions, EIA weekly inventory reports, geopolitical supply disruptions (Middle East, Russia, Venezuela) and US Strategic Petroleum Reserve announcements. A 5% intraday move on breaking news is not unusual.

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