WTI rises to near $85.00 amid escalating US-Iran tensions
West Texas Intermediate (WTI) oil price extends its gains for the fourth consecutive day, trading around $84.80 per barrel during the Asian hours on Wednesday.
WTI oil prices continue to rise for a fourth consecutive day, reaching near $85.00 per barrel during Asian trading hours on Wednesday. The increase is driven by ongoing tensions between the United States and Iran, which have raised concerns about potential disruptions to global oil supply. President Trump confirmed that the US naval blockade remains in place and stated there are no active negotiations with Tehran.
Despite claims that the Strait of Hormuz is open, shipping risks remain elevated due to a recent spike in regional hostility. Iranian forces have conducted eight reported attacks on vessels passing through the strait this month, including those belonging to Saudi Arabia and the UAE. Meanwhile, US crude inventories fell by 328,000 barrels last week, providing a slight reprieve after a 9.07 million-barrel surge the previous week.
BNY strategists note that "shipping activity remains heavily disrupted" in and around the Strait of Hormuz, further fueling market concerns about supply. The unresolved standoff between the US and Iran keeps oil vulnerable to renewed escalation and prolonged disruption, leaving both WTI and Brent benchmarks exposed to any deterioration in security.
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