West Texas Intermediate (WTI) US Oil trades around $92.05 on Thursday at the time of writing, up 1.73% on the day, extending its positive bias despite a lack of strong bullish conviction.
Oil prices remain supported by ongoing uncertainty in the Middle East. Iran said it is reviewing a US proposal to end the conflict, while ruling out direct negotiations for now, maintaining uncertainty around a potential de-escalation. At the same time, the deployment of additional US troops in the region fuels concerns over a broader escalation.
In this context, Iranian energy infrastructure remains under pressure, while the effective closure of the Strait of Hormuz continues to disrupt supply flows. This situation keeps a high geopolitical risk premium in place, acting as a structural support for Oil prices.
However, investors remain cautious and reluctant to place aggressive bets, awaiting clearer…
