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macroJun 21, 2026, 11:17 PM

WTI Surges Nearly 2% on Strait of Hormuz Closure and Peace Talk Uncertainty

West Texas Intermediate crude oil jumped nearly 2% in early Asian trade Monday, opening with a bullish gap above $1 and retesting the $78 level, driven by the closure of the Strait of Hormuz and fragile peace negotiations.

WTI

West Texas Intermediate (WTI) crude oil rallied almost 2% at the start of the Asian trading session on Monday, opening with a gap of more than $1 and moving back toward the $78 mark.

The sharp move higher follows news of the closure of the Strait of Hormuz, a critical chokepoint for global oil shipments, alongside reports of fragile peace talks that have raised supply concerns.

Traders are now assessing the potential for further disruptions as geopolitical tensions remain elevated in the region.

Source: FXStreet Forex News