WTI Consolidates Below $84.50 Amid Ongoing Strait of Hormuz Standoff

West Texas Intermediate (WTI) crude oil prices are consolidating below $84.50, holding near a two-week high, due to an ongoing standoff in the Strait of Hormuz.

The market remains supported by supply concerns, but traders are pausing for fresh catalysts amid the heightened geopolitical risk.

The Hormuz standoff has raised fears of potential supply disruptions, as approximately 20% of global oil consumption passes through this critical chokepoint.

OPEC+ production cuts and declining U.S. inventories provide a supportive backdrop to the market, which is also watching for any diplomatic developments that could ease tensions and trigger a sell-off.