WTI advances to mid-$90.00s, fresh high since July 24 amid escalating US-Iran tensions
West Texas Intermediate (WTI) – the benchmark US Crude Oil price – scales higher for the third straight day – also marking the fifth day of a positive move in the previous six – and climbs to a fresh high since July 24 during the Asian session on Wednesday.
West Texas Intermediate (WTI) crude oil prices have surged to a fresh high since July 24, climbing mid-$90.00s during the Asian session on Wednesday. This increase comes amid escalating US-Iran tensions. US forces recently targeted Islamic Revolutionary Guard Corps sites in retaliation for attacks on commercial shipping in the Strait of Hormuz and American service members.
Iran responded with heavy ballistic missile and drone strikes on US-linked targets in Jordan and the UAE. These actions underscore supply risks in the region, bolstering crude oil prices. Strategists at TD Securities note that the ongoing confrontation highlights the fragility of energy deals and chokepoints. Additionally, Russia extended its diesel export ban until September 30, further tightening refined fuel supplies and adding to oil price concerns.
WTI maintains a bullish outlook above key technical levels, though it remains capped near the 61.8% Fibonacci retracement. Factors such as global growth, OPEC decisions, the US dollar, and OPEC+ policies continue to influence WTI prices.
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