WTI Crude Oil Futures Rise 0.8% to $70.06 in Asian Morning Trade

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According to Guru Club, WTI crude oil futures rose 0.8% to $70.06 per barrel in Asian morning trade on July 1, recovering from a technical selloff after posting its largest quarterly decline since 2020 on Tuesday. The rebound was supported by uncertainty surrounding control of the Strait of Hormuz, a critical shipping lane through which roughly one-fifth of global petroleum typically flows. Analysts at ANZ Research described this control as a "contested" issue, noting that Iran has reaffirmed its resolve to control maritime traffic in the region.
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