Crude oil futures settled at $84.50

Crude oil futures closed sharply higher, with WTI settling at $84.50, up $2.10 or 2.55% on the day. The Strait of Hormuz remains the key driver, as reduced shipping traffic raises fears of potential Middle East supply disruptions. At the same time, U.S.-Iran negotiations are stalled, keeping a geopolitical risk premium in crude prices. Upside is limited by stabilizing factors: Gulf producers are reportedly routing barrels through alternative paths, while softer expectations for global demand and plans for increased OPEC+ production could cap gains. Technically, WTI spent much of the session above and below its 100-hour moving average near $82.47 before buyers took control late.