WTI Crude Holds Pre-War Support Near $68 as Hormuz Premium Fades

WTI crude has settled at a fresh cycle low of $68.58 on July 1 after the geopolitical premium tied to the Strait of Hormuz fully evaporated. Prices have collapsed from the mid-$75 area in late June as tanker traffic normalized and the US-Iran ceasefire held, returning benchmarks to pre-war February levels. Sellers remain in control below the 100- and 200-hour moving averages, with attention now shifting to Thursday’s US nonfarm payrolls report for fresh directional cues amid holiday-thinned trading.