WTI Price Forecast: Extends advance to near $98 amid fears of prolonged Hormuz closure

West Texas Intermediate (WTI), futures on NYMEX, is 2.6% higher to near $98.00 during the European trading session on Tuesday. The oil price gains sharply amid growing doubts that the temporary ceasefire between the United States (US) and Iran, announced in early April, would last long. Tensions between the US and Iran have renewed as US President Donald Trump stated, on Monday, that Iran’s proposal was “stupid”, adding, “Ceasefire is on life support.” The renewed uncertainty over the US-Iran permanent resolution has prompted fears of a prolonged closure of the Strait of Hormuz, a vital passage to almost 20% of...