Crude Oil Prices Today: Brent, WTI Volatile Amid Iran Tensions, Strait of Hormuz Risk Keeps Markets on Edge

The volatility in crude oil prices is ongoing with no signs of stopping as the geopolitical tensions due to the US-Iran war are dominating the market sentiment. The energy markets are reacting sharply to each & every development, especially around supply disruptions and the partial closure of the Strait of Hormuz. Over the past few weeks, the surge in prices has been nothing short of historic. U.S. West Texas Intermediate (WTI) crude oil has seen a massive rally, rising over 50-60% in the last 30 days.

Brent Crude and WTI Prices Today

At the time of writing Brent crude price was hovering around $107.686 per barrel, up by 0.28%, while WTI crude price today is at $103.374, gaining 0.48%. Despite minor gains today , the market is cautious.

Why Crude Oil Prices Are Volatile

The recent movement in crude oil prices is because of the ongoing tensions in West Asia and uncertainty over supply routes. According to reports, the possible easing of conflict involving Iran is being weighed against the risk of continued disruption in the Strait of Hormuz.
A Reuters report suggests that oil prices remain range-bound as markets assess whether Donald Trump could end the ongoing conflict with Iran, even if the Strait of Hormuz remains partially closed. The strait is a critical passage, accounting for nearly 20% of global oil supply. Any prolonged disruption here continues to impact global crude oil supply, keeping Brent crude and WTI crude prices elevated.

Strait of Hormuz Impact on Oil Prices

The effective closure of the Strait of Hormuz by Iran has significantly impacted oil price trends. If we look at the charts, Brent crude has surged almost 60% in March, marking which is its highest monthly gain ever.

According to Kotak Securities, Brent crude price is currently trading within an ascending triangle pattern, indicating underlying strength in the oil market trend. The Support level is about $103 while the Breakdown zone is $96-97 and the Resistance level is $119-120."

"As long as Brent holds above $103, the structure remains positive. However, a drop below key support levels could signal a deeper correction in crude oil prices today. On the upside, a breakout above $119-120 may trigger a fresh rally in global oil prices." the report further said.

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