WTI Oil Regains Ground Near $80 Amid Ongoing Energy Supply Risks

West Texas Intermediate (WTI) oil prices have regained ground near $80 after a two-day correction, according to FXStreet. The oil price recovery is attributed to ongoing concerns over energy supply risks in the Middle East.

The Strait of Hormuz and the Bab al-Mandab Strait, which account for 27% of global energy supply, remain closed due to blockades by the United States and Iran-aligned Houthis, respectively. The closure has resulted in a significant decline in commodity vessel transits through the straits.

Iran has stated that it is not discussing the reopening of the Hormuz with the US, but is instead finalizing collective management arrangements with Oman. This development adds to concerns over energy supply disruptions.