WTI Crude Oil Stuck Near Three-Week Lows Amid Hormuz Uncertainty

West Texas Intermediate (WTI) crude oil prices remain under pressure as traders await confirmation of commercial shipping through the Strait of Hormuz resuming. The current price is around $74 per barrel, near a three-week low. Iran and Oman have reached an understanding on the geographic coordinates of a proposed shipping route through the waterway, but an agreement between them does not automatically reopen the Strait.

An informed source told Fars News that separate arrangements would still be required, including the fulfillment of US commitments. Until a final agreement is reached and shipping resumes, a geopolitical risk premium will likely remain embedded in oil prices, limiting the scope for a deeper decline.