WTI Oil nears $100 as Middle East tensions keep supply concerns elevated
West Texas Intermediate (WTI) Oil rallies nearly 5% on Thursday, climbing to its highest level since May 21 as escalating tensions in the Middle East raise fears of further disruption to already tight supplies. At the time of writing, WTI trades around $99 and is up about 10.50% so far this week.
West Texas Intermediate (WTI) Oil prices surged nearly 5% on Thursday, reaching the highest level since May as Middle East tensions intensified. The US Dollar's strength and rising US Treasury yields, following a strong US Producer Price report, also contributed to the rally. The escalation between the US and Iran, particularly around the Strait of Hormuz, has raised supply concerns, with Iran reportedly resuming ballistic missile production and the Houthis seizing Yemen's Mocha port.
While the Houthis claimed their operations are defensive, OPEC's outlook remains mixed, with a lower global demand growth forecast for 2026.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- WTI Oil rises as Middle East escalation threatens global supply fxstreet.com
- Dollar holds gains, yen slips as Middle East energy shock deepens freemalaysiatoday.com
- Oil nears $110 per barrel, stocks tumble as Middle East crisis deepens iol.co.za
- Global coal demand set to increase this year amid Middle East conflict hellenicshippingnews.com
- Indian rupee drops to over one-week low as oil bubbles on Middle East worries brecorder.com
- ECB raises key interest rate to 2.5% as Middle East wars fan inflation fears lemonde.fr
- 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
