WTI rises above $93.00 after Trump rejects Iran peace deal
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $93.05 during the early Asian trading hours on Monday. WTI rises following US President Donald Trump’s rejection of an Iranian peace deal.
West Texas Intermediate (WTI) oil prices surged above $93.00 on Monday following US President Donald Trump's rejection of an Iranian peace deal. Iran had proposed reopening the Strait of Hormuz, but Trump dismissed it, stating that Tehran was eager to make a deal. Both Iran and Saudi-backed coalition forces in Yemen reported recent military actions, heightening geopolitical risks.
Traders remain cautious, as upcoming US crude oil inventory data could impact WTI prices. Analysts note that renewed Middle East tensions and a tight oil market raise concerns about supply and inflation, potentially supporting higher US interest rates. The price of WTI, as a benchmark for the oil market, is affected by global demand, political instability, OPEC decisions, and the value of the US Dollar.
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