West Texas Intermediate (WTI) crude oil price forecast: Recovers early losses and seeks to return above the 20-day exponential moving average.
West Texas Intermediate (WTI) crude oil, listed on the New York Mercantile Exchange (NYMEX), recovered from early losses and settled around $89.60 during Wednesday's European trading session. Oil prices are experiencing significant selling pressure amid uncertainty surrounding the future of the Strait of Hormuz, a vital waterway for approximately 20% of global energy supplies, which remains under Iranian control.