FX.co ★ WTI Crude Oil 7% Higher

Crude oil climbed above 89 USD/bbl, rallying nearly 7% from the previous day as geopolitical tensions in the Middle East flared again. The move came after Iran reversed its decision to reopen the Strait of Hormuz, following the US refusal to lift its blockade on Iranian ports—a setback to recent hopes for a near-term de-escalation.

Although momentum toward a lasting peace had appeared to build late last week, uncertainty has since resurfaced. This comes even as President Trump announced that US negotiators will travel to Pakistan on Monday for another round of talks.

Over the past month, crude prices are still down 10.41%. However, they remain 41.01% higher than a year ago, based on CFD data tracking the benchmark market.