FX.co ★ Crude Oil Pulls Back

WTI crude oil futures rose 3% to nearly $100 per barrel on Monday afternoon, paring earlier gains of up to 9% seen in the morning, as markets weighed mounting supply risks stemming from the conflict in the Middle East. The United States imposed a blockade on Iran-linked shipping near the Strait of Hormuz under Donald Trump, after talks with Tehran collapsed. Washington accused Iran of failing to rein in its nuclear program, while Tehran warned of possible retaliation, heightening concerns over potential disruptions in one of the world’s most critical energy chokepoints. An OPEC+ report indicated that the group’s output fell by 7.9 million barrels per day in March due to the closure of the Strait. At the same time, Saudi Arabia announced it had fully restored pumping capacity through its East–West pipeline to the Red Sea, as well as production from the Manifa oil field.