WTI Price Stuck at $78 as Supply Fears Persist

The West Texas Intermediate (WTI) oil price is awaiting a sustained move above $78.00 as supply concerns persist in the market.

Iran has been negotiating with Oman to establish a safe shipping route through the Strait of Hormuz, which could impact global oil supplies.

Iran's conditions for a full reopening of the waterway include an end to the US naval blockade and the removal of sanctions.

Meanwhile, Iran-backed Houthi militants in Yemen claimed responsibility for a recent attack on Saudi Arabia's Jazan refinery, further supporting crude oil prices.