WTI Crude Oil tests north of $80 for the first time since mid-2024
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WTI surged over 6% on Thursday, blowing through $80 per barrel for the first time since June 2024 and extending one of the sharpest rallies in recent years. Price has gained roughly 19% since the strikes began on February 28, accelerating from around $67 into Thursday’s session high just above $80. The move has left the daily candle as a large-bodied bullish bar with almost no upper wick, suggesting buyers were in control throughout the session with little sign of profit-taking heading toward the market close. The catalyst is the effective closure of the Strait of Hormuz. Following the joint US-Israeli operation on February 28, Iran’s Islamic Revolutionary Guard Corps (IRGC) declared the strait closed on March 2, warning that any vessel attempting to transit would be targeted. Tanker traffic has since dropped to near zero, with at least five vessels damaged and over 150 ships stranded outside the waterway. Shipping giants Maersk and Hapag-Lloyd have suspended all transits, and Iranian drone strikes on QatarEnergy’s Ras Laffan and Mesaieed facilities took roughly one-fifth of global liquefied natural gas (LNG) export capacity offline. Iraq has begun shutting off production as exports through the strait become increasingly constrained. OPEC+ moved quickly, agreeing on March 1 to add 206,000 barrels per day in April, above the pre-crisis expectation of 137,000 barrels per day. However, analysts at Rystad Energy noted the increase is largely symbolic while the strait remains inaccessible, as much of the group’s spare capacity sits in Saudi Arabia and the United Arab Emirates (UAE), both of which rely on Gulf export routes. Goldman Sachs warned that a temporary spike to $100 per barrel could slow global growth by 0.4 percentage points. Friday’s US Nonfarm Payrolls (NFP) report, forecast around 60K, adds further uncertainty to already-weary traders. WTI daily chart Technical Analysis…
Filed under: News - @ March 5, 2026 8:24 pm