Crude oil on a serious rise

WTI crude extends bullish breakout. Prices have surged since 26 February. Geopolitical tensions from the United States–Israel strikes on Iran are a key catalyst. Rising fears that the Strait of Hormuz could be disrupted have pushed oil higher. 25% of global seaborne oil trade moves through the Strait of Hormuz. Iraq suspended oil terminal operations after two tankers were hit by explosive-laden boats in Iraqi waters.