WTI Crude Oil futures rallied toward 50-day moving average

August WTI Crude Oil futures rallied to test their 50-day moving average as prices reversed early session lows to close higher. Geopolitical tension around the Strait of Hormuz is severely restricting regional tanker traffic, with the reinstatement of a U.S. naval blockade on Iranian shipping elevating supply-side risk premiums. Additionally, escalating drone strikes around the Black Sea have disrupted shipping lanes in Ukraine's Odesa region, forcing major agricultural exporters to temporarily suspend port operations. The combination of constrained shipping routes and heightened regional volatility remains a primary driver for global crude supplies this week.