Oil Price Forecast: WTI Near $120 as Strait of Hormuz Tensions Drive Breakout

Tensions around the Strait of Hormuz are disrupting physical oil supply and injecting risk premiums that have pushed oil prices higher, while strong technical momentum keeps a bullish outlook with upside targets emerging. This is sector-moving, tightening supply-side risk for global crude and increasing upside pressure on oil benchmarks and related energy assets.

Analysis

Tensions around the Strait of Hormuz are disrupting physical oil supply and injecting risk premiums that have pushed oil prices higher, while strong technical momentum keeps a bullish outlook with upside targets emerging. This is sector-moving, tightening supply-side risk for global crude and increasing upside pressure on oil benchmarks and related energy assets.