WTI Crude Oil futures surged on Strait of Hormuz blockade.

Bob Iaccino discusses the recent price action in WTI Crude Oil futures, noting a strong bounce off the 50-day moving average. Intraday trading saw highs near 94.69 as geopolitical tensions continue to impact the energy sector. A naval blockade in the Strait of Hormuz has halted commercial traffic to and from Iranian ports, while the deployment of an additional 6,000 U.S. troops adds further complexity to the region. Additionally, recent strikes have reduced Persian Gulf production by roughly 6%. However, U.S. supply remains robust, serving as a significant headwind against further price escalation. Both the EIA and API reported substantial inventory builds of 3.1 million and 6.1 million barrels respectively, marking the eighth consecutive week of domestic stockpile growth.