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Crude oil prices remain volatile amid geopolitical tensions around the Strait of Hormuz.

Market News
07 Aug 2026
FXEmpire
View Source
Bearish
Crude oil prices remain volatile amid geopolitical tensions around the Strait of Hormuz.

Crude oil markets experienced significant volatility this week due to ongoing geopolitical tensions between Washington and Tehran, particularly involving the Strait of Hormuz. Prices for WTI crude hovered near key support at $70 and resistance around $113, influenced more by political headlines than supply and demand fundamentals. Brent crude showed similar patterns, with prices bouncing off the 200-week EMA amid uncertainty. Traders are advised to exercise caution as the situation remains unstable and could impact prices further over the weekend.

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