Crude Oil rises to a 22-week high on Gulf attacks
Two days of Houthi attacks in Saudi Arabia and strikes on ships leaving the Strait of Hormuz have taken WTI above the $95.00-$101.00 band it held from Monday to Thursday.
Crude Oil prices surged to a 22-week high due to attacks in the Gulf region, including assaults on Saudi Arabia and ships departing through the Strait of Hormuz. West Texas Intermediate (WTI) rose from around $98.50 to just below $103.00, its highest point in 22 weeks. This increase occurred despite concerns about geopolitical tensions and potential strikes on Iran.
The US Government has been preparing for possible military action against Iran, while OPEC and OPEC+ have the ability to influence prices by altering production quotas. The price of WTI Oil is heavily influenced by supply and demand, with global economic growth and political unrest also playing significant roles. Analysts expect Iran's crude oil revenue to drop to zero if Gulf supply is cut off, further contributing to the upward trend in WTI prices.
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