According to CoinMeta, on August 7th, crude oil prices rose due to uncertainties regarding the Strait of Hormuz. The price of WTI crude oil approached $78, while Brent crude oil prices broke through $83. Although rising U.S. inventories and an increase in supply OPEC complicate the overall outlook for the oil market, the supply risks associated with the Strait of Hormuz have once again drawn attention. Analysts noted that WTI crude oil has been hovering near the resistance level of $78.50, and if it breaks through this level, the short-term technical outlook could improve. Meanwhile, Brent crude oil is also recovering, but it remains below its downward trend line.