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.
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