Crude Oil is trading at $70.54 (1.3% down) after recent headlines highlighted easing supply risks through the Strait of Hormuz and progress in US-Iran peace talks.
- A stronger US dollar and expectations of a 2026 global supply surplus are weighing on the medium-term outlook, leading traders to price in softer fundamentals.
- WTI remains under pressure despite recent short-covering spikes as the market looks past this week's rebound toward improved supply availability.