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- WTI Oil rises about $3 on Monday, nearing the key $100.00 level.
- Markets reacted with skepticism to Trump’s vow to free ships stranded in Hormuz.
- OPEC+ countries agreed to hike output by 188K barrels per day on Sunday.
Crude prices appreciate again on Monday despite US President Donald Trump’s pledge to rescue Hormuz vessels. The US benchmark West Texas Intermediate (WTI) barrel trades at $99.40 at the time of writing, about $3 up from the daily opening price of $96.46. Still, the WTI price trades below Friday’s close of $99.57.
Trump said on Monday that the US military will help free vessels stranded in the Strait of Hormuz, in an “humanitarian gesture” towards neutral countries. The US president, however, has failed to provide further details of the operation, and investors have reacted with skepticism.
Iranian authorities, on the other hand, reiterated that the waterway will remain closed and that any action in Hormuz will be considered a violation of the ceasefire and that they will protect the Strait with “full strength”. Oil prices have risen after this news amid fears of a further escalation in the conflict.
On Sunday, the Organization of Petroleum Exporting Countries and allies, the so-called OPEC+, agreed to hike supply by 188K barrels per day. The decision, however, had no actual impact on prices as most of these countries remain unable to put their supplies on the market with the Strait of Hormuz closed.
