WTI refreshes three-week high near $86 amid US-Iran deadlock
West Texas Intermediate (WTI), futures on NYMEX, trades 2% higher at around $86.00 during the European trading session on Thursday, the highest level seen in over three weeks.
WTI crude oil prices inched upward on Thursday, reaching a three-week high near $86.00 in the European trading session. The recent surge in oil prices is attributed to the ongoing US-Iran standoff and the closure of key oil supply routes in the Strait of Hormuz and Bab el-Mandeb. With tensions between the United States and Iran escalating, President Donald Trump has threatened severe economic consequences for any country supporting Iran's economic activities.
This has led to heightened concerns about the potential for prolonged closure of the Strait of Hormuz. Despite these challenges, the long-term outlook for WTI oil remains bullish, with technical indicators suggesting that the price is likely to continue its upward trajectory.
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