WTI crude rose on May 4, with Reuters reporting it up about 0.6% to $102.59 and later about 1% to $102.94 a barrel. The move came as traders watched Strait of Hormuz risk and U.S. efforts to support shipping through the waterway.
WTI crude oil moved higher on May 4 as traders reacted to renewed tension around the Strait of Hormuz and the risk to shipping flows.
Reuters reported that U.S. West Texas Intermediate crude was up about 0.6% at $102.59 a barrel in early trading. Later Reuters coverage said WTI was up about 1% at $102.94 a barrel as prices recovered after earlier losses.
The market move came after CENTCOM said U.S. forces would begin supporting Project Freedom on May 4 to restore freedom of navigation for commercial shipping through the Strait of Hormuz. That backdrop kept oil supported even as traders weighed the chance of a broader diplomatic shift between the U.S. and Iran.
The broader setup is unchanged: when shipping through the strait is threatened, crude tends to price in more risk. EIA reporting last month said crude and petroleum product prices had already risen sharply in the first quarter of 2026, with Hormuz disruption cited as a key factor.
For now, the answer to whether WTI was up or down on May 4 is clear: it was up, and the move was tied to geopolitics rather than a sudden supply surprise.
Revision note
Initial automated publication.