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The price of West Texas Intermediate crude oil rose above $98, offsetting the risks of the Strait of Hormuz with the significant increase in OPEC+ production.
The price of West Texas Intermediate (WTI) crude oil rose above the mid-range of $98 per barrel on Monday, March 10, 2025, after opening with a low price gap.
This rise is attributed to escalating geopolitical tensions in the Strait of Hormuz, which effectively offset the downward pressure caused by OPEC+’s recent decision to increase production.
Traders are now balancing the risks of supply disruptions against the possibility of increased global crude oil production.
WTI crude oil prices recovered after opening lower.
The price of WTI crude oil started the week with a significant decline.
This initial drop reflects market disappointment following OPEC+’s decision to increase production quotas.
However, the price quickly rebounded to reach the mid-range of $98.
This rapid reversal highlights the market’s sensitivity to geopolitical events.
The Strait of Hormuz remains a major risk factor, as any disruption there could immediately impact supply expectations.