WTI oil steady near $71/bbl at open as traders track war risks

WTI oil steady near $71/bbl at open as traders track war risks

WTI Oil Steady Near $71/bbl at Open as Traders Track War Risks

West Texas Intermediate (WTI) crude oil opened near $71 per barrel on March 2, 2026, as heightened geopolitical tensions between the U.S. and Iran continued to weigh on markets. The price surge followed a weekend of escalating hostilities, including a U.S.-led attack on Iran and retaliatory strikes by Iran across the Middle East, raising concerns about potential disruptions to oil flows through the Strait of Hormuz.

The conflict, which began on February 28, saw the U.S. and Israel launch strikes against Iran, despite mediation efforts by Oman. Iran responded with bombardments targeting U.S. military assets in the UAE, Kuwait, Bahrain, and other Gulf states. Analysts noted that the scale of the retaliation—unlike previous symbolic attacks—signals a prolonged escalation, increasing risks to global energy security.

Market participants adopted a "haven-first" strategy, with WTI crude surging 6% to $71.40 per barrel intraday, breaking above a key 30-month resistance level at $70/bbl. Gold also rose 1.6% to $5,360 per ounce, while U.S. equities and Asian indices fell, reflecting risk-off sentiment. The Nikkei 225 dropped 1.5%, and the S&P 500 futures declined 0.9% as investors braced for further volatility.

Technical analysis suggests WTI could test $74.70–$78.10 if the $67.80 support holds, though a breakdown below that level could trigger a pullback toward $64.80. Meanwhile, fears of a Strait of Hormuz closure—a critical oil transit chokepoint—remain a key wildcard, with traders pricing in elevated risks despite diplomatic efforts to de-escalate tensions.

With no immediate resolution in sight, markets remain fixated on geopolitical developments, underscoring the fragile balance between supply concerns and diplomatic outcomes.