Natural Gas and Oil Forecast: WTI Jumps 9% to $104 as Blockade Fears Spark Supply Shock

WTI crude surged to $104 as threats of a naval blockade in the Strait of Hormuz revived supply disruption fears. The move reflects a bullish technical setup, with the article highlighting a new bullish engulfing pattern and upside targets. Geopolitical risk in a key shipping chokepoint raises the odds of broader volatility across energy markets.

Analysis

WTI crude surged to $104 as threats of a naval blockade in the Strait of Hormuz revived supply disruption fears. The move reflects a bullish technical setup, with the article highlighting a new bullish engulfing pattern and upside targets. Geopolitical risk in a key shipping chokepoint raises the odds of broader volatility across energy markets.