Texas Oil Moderates Rise and Nears $99 After US Blocks Hormuz
West Texas Intermediate (WTI) oil moderated its rise this Monday by 2.6% and closed at $99.08 after the United States' blockade of the Strait of Hormuz took effect today, news that previously caused strong increases. EFE At the end of the session, oil futures contracts for May, the benchmark in the US, added $2.51 compared to Friday's session.
TL;DR
- WTI crude oil closed at $99.08, up 2.6% on Monday.
- The rise was initially fueled by the US blockade of the Strait of Hormuz.
- Market gains moderated after President Trump announced Iran's contact for new negotiations.
- The Strait of Hormuz blockade by Iran was in retaliation for US-Israeli offensives.
- WTI experienced a 13% drop the previous Friday due to ceasefire uncertainty.