ETO Markets Global Pulse: Oil Hits 100, Pulls Back to 98.90

Market Review

According to ETO Markets monitoring, on April 28 (Tuesday), WTI crude continued to rise and closed at USD 99.93 per barrel, up 3.7% on the day. Prices briefly broke above USD 100 per barrel, as concerns over supply shortages from the Strait of Hormuz blockade continued to build.

The rally offset potential bearish pressure from the UAEs announcement that it will leave OPEC and OPEC+.

On April 29 (Wednesday) during Asian trading, WTI crude futures pulled back after an early move higher. Prices are currently trading near USD 98.90 per barrel, temporarily staying below the USD 100 level.

Global Headlines

US Bans Iran Strait Payments

The US Treasurys OFAC issued guidance banning US persons, financial institutions, and US-owned or controlled foreign entities from paying Strait of Hormuz security transit fees to Iran or the IRGC. Non-US entities may also face major sanctions risks if they make such payments.

UAE Exit Reshapes Supply Outlook

After the UAE announced it will leave OPEC on May 1, analysts from JPMorgan, UBS, and Bloomberg said Brent is unlikely to see sharp short-term moves. The Strait of Hormuz blockade remains the main bottleneck for Gulf energy exports.

Senator Backs Powell Short Stay

Republican Senator Thom Tillis said he understands why FED Chair Jerome Powell may briefly remain on the FED Board after his chair term ends on May 15. He cited the FED inspector generals building review and DOJ appeal developments.

FED Likely Holds Rates Steady

FED watcher Nick Timiraos said the FED is highly likely to keep rates unchanged this week. The key question is whether officials signal rate cuts are stalled or simply delayed.

Trump Approval Hits New Low

A Reuters/Ipsos poll showed Trumps approval rating fell to 34%, the lowest of his current term. Rising living costs and the Iran situation were cited as major pressure points.

ETO Markets Analyst View (WTI Oil)

WTI remains above the 87.50 level, keeping its medium-term structure firm. If prices continue to hold this key support, upside may extend toward 109.50 and potentially test 119.50, suggesting the bullish trend remains intact.

If WTI falls below 87.50, the short-term structure may weaken. Downside could revisit 78.00 or even 72.00, with attention on how prices behave after the recent pullback from higher levels.

RSI is trending upward, showing that momentum still leans to the upside. The market remains driven by the Strait of Hormuz blockade, supply disruption risks, and shifting FED expectations. Volatility may continue in the near term.

Disclaimer

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