West Texas Intermediate crude oil remains strongly supported by ongoing geopolitical tensions after hopes for renewed US-Iran peace talks faded, increasing the risk of a prolonged Strait of Hormuz disruption and sustained global energy supply tightness.
Prediction market data from Polymarket shows sharply declining probabilities of shipping traffic normalising in the Strait of Hormuz by May and June 2026, reinforcing elevated geopolitical risk premiums in oil markets.
Technically, WTI crude is showing bullish breakout conditions above its 20-day and 50-day moving averages, supported by bullish candlestick formations and positive RSI momentum, with $102.54 acting as the key breakout resistance level.
SlavkoSereda/iStock via Getty Images
By Kelvin Wong
The optimism that was being priced in by global markets last week for an imminent second round of US-Iran peace deal talks to take place this week has fizzled out after US
