WTI holds above $74.00 as bears hesitate on US–Iran, Hormuz risks
The post WTI holds above $74.00 as bears hesitate on US–Iran, Hormuz risks appeared on BitcoinEthereumNews.com. West Texas Intermediate (WTI) – the benchmark US Crude Oil price – drifts lower during the Asian session on Thursday and moves away from a two-week high, around the $75.75 region touched the previous day. The commodity currently trades above the $74.00 mark, down 0.30% for the day, though the downside potential seems limited amid a fresh escalation of tensions between the US and Iran. The US military unleashed a new wave of strikes against Iran in retaliation for Tehran’s attacks on commercial ships in the highly contested Strait of Hormuz. Iran retaliated by targeting approximately 85 US military installations and assets across Bahrain and Kuwait. Adding to this, US President Donald Trump said on Wednesday that the memorandum of understanding with Iran aimed at ending the conflict in the Middle East is now over. Traders were quick to price in the geopolitical risk premium, w