WTI crude holds above $100 as Gulf supply routes stay shut
Oil rallied more than 9% last week to a four-month high near $103 after drone attacks shut Saudi Arabia’s East-West pipeline, a key route around the Strait of Hormuz. Weekend talks on Hormuz shipping were postponed.
What's moving it
- Saudi East-West pipeline still shut
- Hormuz talks with Gulf states postponed
- Energy costs already lifting US and UK inflation
Key levels
- R2108.00
- R1104.00
- S1100.00
- S296.50
Bull caseFurther disruption and a hold above $100 target $104, then $108.
Bear caseProgress on reopening routes and a close below $100 open $96.50.
