WTI jumped ~8% toward $100 after the U.S. blocked the Strait of Hormuz, while EUR/USD rose further as bulls stayed in control.

WTI surges about 8% toward $100 after the U.S. blocks the Strait of Hormuz Strait of Hormuz.

West Texas Intermediate (WTI) – the US crude benchmark – started the week with a bullish gap, rising around 8% as it moves back toward the $100 level.

The rally follows renewed escalation in tensions between the United States and Iran after weekend peace talks lasting 21 hours collapsed.

US President Donald Trump responded by pledging a blockade of Iranian ports and maritime traffic through the Strait of Hormuz.

The US Central Command (CENTCOM) also stated that forces will begin restricting all vessel movement in and out of Iranian ports from Monday at 10:00 AM ET (14:00 GMT).

According to a Wall Street Journal report, Trump and his advisers are also considering limited military strikes on Iran alongside the blockade to increase pressure in stalled negotiations.

Market attention now shifts to further details on the blockade and its potential impact on the already fragile US–Iran ceasefire.

EUR/USD extends its gains as bullish momentum builds, with traders targeting further upside.

EUR/USD has extended its upside momentum, breaking higher after a decisive technical breakout.

The pair began a fresh rally above 1.1650 and moved beyond a key contracting triangle resistance at 1.1610 on the 4-hour chart.

Price action is now trading above 1.1665 as well as both the 100-period (red) and 200-period (green) simple moving averages, confirming a stronger bullish structure. The breakout has already driven the pair toward the 1.1740 area.

If buyers maintain control, the next upside targets are seen at 1.1780, with initial major resistance at 1.1800. A sustained break above this level could open the path toward 1.1840, and a further close above it would expose potential gains toward 1.1920 and even the 1.2000 psychological level.

On the downside, immediate support lies near 1.1685, aligning with the 23.6% Fibonacci retracement of the recent move from 1.1505 to 1.1739. Key support follows at 1.1620 and the 1.1600 region, which also aligns with the 200-SMA. A breakdown below 1.1600 could shift momentum lower toward the 100-SMA, with deeper losses potentially reopening the 1.1500 area.