WTI crude remains supported above the $92.00 level, maintaining a bullish tone as tensions in the Middle East persist.

• WTI extends its rally for a third consecutive session, climbing to its highest level in nearly two weeks.
• Persistent risks around the Strait of Hormuz offset the impact of the extended US-Iran ceasefire, lending support to oil prices.
• Overall, the underlying fundamentals remain supportive of the bullish outlook, suggesting further upside potential.

WTI crude briefly surged to the $95.80–$95.85 region during the Asian session—its highest level in about a week and a half—before losing momentum and pulling back toward the lower end of the daily range. It currently trades just above $92.00, still holding modest gains of around 0.30% on the day.

Although the US-Iran ceasefire has been temporarily extended, markets remain doubtful about any lasting easing of tensions given the lack of meaningful progress in negotiations. Ongoing clashes around the Strait of Hormuz continue to raise concerns about potential supply disruptions, keeping a geopolitical risk premium embedded in oil prices and supporting a third consecutive day of gains.

Further underpinning the market, US President Donald Trump confirmed that the naval blockade of Iranian ports will remain in place. At the same time, Iran’s Tasnim news agency reported that Revolutionary Guard naval forces seized two vessels and that multiple container ships came under fire in the Strait. Coupled with an unexpected drop in US crude inventories, these developments add to the bullish tone.

That said, the latest upward spike was partly driven by unverified reports of an attack on Tehran, and the rally quickly lost steam once no concrete news followed. This calls for some caution among bullish traders, even though the broader fundamental backdrop still points to a bias for further upside in crude prices.