Crude oil prices extended their earlier climb after President Trump issued his latest threat to Iran, following the first exchange of fire in weeks. At the time of writing, Brent crude was trading at $91.48 per barrel, with West Texas Intermediate at $86.97 per barrel, both up by over $1 per barrel from Monday. Speaking at the Oval Office on Monday evening, Trump was very clear that the U.S. was ready to "smack" Iran if necessary.
Shipping data shows tanker traffic in the Strait of Hormuz remains at a fraction of pre-war levels, with Reuters citing…
Market Context
Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.
Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.
What to Watch
Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.
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