The 2027 Glut Warning: Why the Reopening of Hormuz Just Flattened WTI to the $70 Support Floor

WTI Crude Oil (USOIL) is locked in an incredibly tight technical waiting game, trading near $70.31 on the 1-hour chart on June 30, 2026. The energy complex has experienced a massive shift over the last quarter, with futures collapsing roughly 30% from their springtime highs as the market aggressively adjusts to a post-war environment.