WTI Consolidates Below $84.50 Amid Ongoing Geopolitical Tensions

West Texas Intermediate (WTI) oil prices continue to consolidate below $84.50, its two-week high, amidst ongoing geopolitical tensions surrounding the Strait of Hormuz.

The US-Iran standoff has kept the risk premium in play, supporting crude oil prices as investors remain cautious about supply concerns.

President Trump's statement that the US has total control over the strategic waterway adds to the uncertainty, with Iran claiming the strait is under its control.

Rabobank's Energy Markets team notes that price action remains highly sensitive to shifting headlines around the Hormuz crisis, highlighting the market's vulnerability to geopolitical news flow.