WTI Crude Oil Price Forecast: $80 in Sight as Iraq Cuts 1.5M BPD and Hormuz Risks Ignite a 12% War Rally

WTI Crude Oil (USOIL) has surged to $75.47 as of March 4, 2026, gaining over 12% since the US-Israel-Iran conflict intensified. With Iraq slashing production by 1.5 million bpd and tankers facing extreme risks in the Strait of Hormuz, analysts are warning of a potential spike toward $140 if supply routes are fully blocked. Discover the technical breakout levels and the fundamental "perfect storm" driving today's energy market.