FX.co ★ WTI Surges 7%

WTI crude oil futures surged more than 7% to climb above $107 per barrel on Wednesday afternoon, as hopes for a swift resolution to the Iran crisis or a reopening of the Strait of Hormuz remained remote. President Trump stated that the United States would maintain its naval blockade on Iran until Tehran agrees to a new nuclear deal. The price spike also followed the unexpected withdrawal of the United Arab Emirates from OPEC, a development that has unsettled energy markets. At the same time, US inventory data showed steep declines in crude and refined fuel stockpiles, while exports jumped to a record high of more than 6 million barrels per day, reinforcing concerns over tightening global supply.