WTI Turns Lower

WTI crude futures turned lower after briefly touching $111 amid reports that U.S. President Donald Trump would be briefed on expanded military options in Iran. According to Axios, the briefing from US Central Command chief Admiral Brad Cooper signals that renewed combat operations are being seriously considered, with a plan for a short and intense wave of strikes reportedly under review. Tensions remain elevated despite a ceasefire holding since early April, as US and Iranian blockades have effectively shut the Strait of Hormuz, cutting off a major share of global oil flows and driving what the International Energy Agency has called an unprecedented supply shock. Meanwhile, US crude exports have surged to record levels as buyers seek alternative supply.

Crude Oil WTI rose above 110, according to trading on a contract for difference (CFD).

WTI crude futures jumped above $110 per barrel on Thursday, advancing toward their highest levels since 2022 following reports that the US military would brief President Donald Trump on potential action against Iran, heightening fears that the conflict could escalate further. Trump also reportedly rejected Tehran’s proposal and reaffirmed that the US will maintain its naval blockade until a nuclear agreement is reached, further weakening prospects for a diplomatic resolution. Iranian authorities warned of retaliation if the blockade continues, accusing Trump of attempting to force Tehran into submission through economic pressure and internal destabilization. Meanwhile, US inventory data showed steep declines in crude and fuel stockpiles, while exports surged to record levels above 6 million barrels per day, signaling tightening global supply conditions amid ongoing geopolitical disruption.