WTI Surges to $101 High Above 20-Day EMA, Eyes $110 on Indefinite Hormuz Closure

WTI crude oil has rallied to an eight-day high of $101.36, breaking above the 20-day EMA at $98.61 amid an indefinite Strait of Hormuz closure that removes ~17M bpd from global supply, fueling fears of massive draws. After March peaks near $120 and consolidation in $80-$120 amid volatile ceasefire talks, renewed disruptions have sparked a bullish breakout with MACD and RSI signaling momentum toward $104-$110 Fib levels. Citi warns of 900M-barrel inventory drops by June, UBS sees mid-$80s best-case but $150+ risks, while StanChart calls $95 the new equilibrium, keeping volatility elevated despite diplomatic uncertainties.