Oil Pulls Back from 16% Surge: What Comes Next for WTI
WTI crude oil has pulled back to around $80 per barrel on Monday after completing one of the sharpest short-term rallies in recent memory. Over the past month, West Texas Intermediate surged 16.85% from roughly $68.55 per barrel in late June to an intraday high near $93.08 on July 23, driven almost entirely by shipping disruptions in the Strait of Hormuz. The retracement on August 3 was swift: WTI shed approximately 5.4% in a single session as tanker flows reportedly improved and Iran de-escalation headlines reached the market. Key Takeaways WTI crude rallied 16.85% over the past month to a high near $93.08/bbl on July 23, then fell 5.4% on August 3 to approximately $80.10/bbl as Strait of H…
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