WTI Oil rises as Middle East escalation threatens global supply
West Texas Intermediate (WTI) US Oil extends its advance on Wednesday and trades around $93.85 at the time of writing, up 1.77% on the day.
West Texas Intermediate (WTI) crude oil prices surged by 1.77% on Wednesday, reaching a three-month high of $93.85, as mounting fears that the Middle East conflict would disrupt global supply. This escalation followed the United States and Iran's exchange of attacks, while Iran-backed Houthis targeted Saudi Arabian oil facilities, and Saudi Arabia retaliated against Yemeni targets.
The ongoing attacks around the Strait of Hormuz, a key conduit for 20% of global oil traffic, heighten the geopolitical risk to oil prices. As energy markets remain tight, any disruption could lead to increased transportation costs and inflationary pressures. Market analysts note that as long as the conflict persists, WTI oil prices are likely to remain upwardly biased.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 8 other outlets
- Indian rupee drops to over one-week low as oil bubbles on Middle East worries brecorder.com
- The Commodities Feed: Oil surges as market reprices Middle East escalation hellenicshippingnews.com
- WTI Oil nears $100 as Middle East tensions keep supply concerns elevated fxstreet.com
- ECB raises key interest rate to 2.5% as Middle East wars fan inflation fears lemonde.fr
- Oil nears $110 per barrel, stocks tumble as Middle East crisis deepens iol.co.za
- Dollar holds gains, yen slips as Middle East energy shock deepens freemalaysiatoday.com
- Nestle CEO says Middle East conflict driving inflation, higher supplier costs cnbc.com
- Oil hits US$105 as Middle East flareup heightens supply worries financialpost.com
