Crude Oil (WTI)

Key insight

$89.66 holds above 50-day MA ~$87.50 but Saudi pipeline restoration drains the supply-shock premium; Hormuz deal failure before Nov midterms keeps geopolitical floor intact — range-trade between $87 and $96.

Retreats -2.17% to $89.66 as Saudi East-West pipeline restores 3.5 mb/d; supply shock fading even as Hormuz remains closed, capping upside.

Main risk

Hormuz Strait Closure Escalation

Two supertankers struck exiting Hormuz late Monday; fresh attack or full closure reopens path to $106 — the Feb 28 war-outbreak high.