On May 4, 2026, West Texas Intermediate (WTI) crude oil futures surged by 3.14%, closing at $105.14 per barrel, up from the previous day's close of approximately $101.94. This marked a significant rebound, with intraday highs reaching $107.46 before settling. The rally comes amid escalating geopolitical tensions in the Middle East, particularly concerns over the Strait of Hormuz, a critical chokepoint for global oil supplies.Trading Economics
Similar gains were observed across benchmarks, with Brent crude climbing above $113 per barrel. Historical data confirms the front-month WTI contract's volatility, with a 52-week range spanning $54.98 to $119.48.Investing.com
The primary catalyst was reports of heightened tensions in the Strait of Hormuz. Iran's FARS news agency claimed missile strikes on a U.S. warship, sparking fears of supply disruptions, though U.S. officials denied any hits. This incident amplified market anxieties, overriding bearish U.S. inventory data from the American Petroleum Institute (API), which showed an unexpected build in crude stockpiles.
Additional context from market updates highlights a weekly stabilization above $100, with June 2026 futures (CLM26) up 3.12% to around $105.Barchart
From a charting perspective, WTI has formed a bullish engulfing pattern on the daily timeframe, signaling potential continuation higher. RSI indicators moved out of oversold territory (above 50), while moving averages (50-day at $102) provide dynamic support. Resistance looms at $110, a psychological level tested recently amid prior Hormuz flare-ups.
Looking ahead, traders eye EIA inventory reports and OPEC+ decisions. Forecasts suggest WTI could average $104.69 by quarter-end, with upside risks to $119 if tensions persist. However, a supply glut or de-escalation could cap gains. Investors should monitor U.S. Strategic Petroleum Reserve levels and global demand signals from China.EIA
This rally underscores oil's sensitivity to geopolitics, with broader implications for energy stocks, inflation, and transportation costs. Stay tuned for live updates as markets evolve.
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