WTI trades near $99.00, five-week highs amid escalating Middle East supply risks
West Texas Intermediate (WTI) oil price remains stronger for the second successive day, trading around $98.80 per barrel during Asian hours on Friday. WTI price remains near its highest level in five weeks, driven by escalating geopolitical tensions and supply risks in the Middle East.
West Texas Intermediate (WTI) oil prices surged to five-week highs near $99.00 per barrel on Friday, driven by escalating Middle East supply risks and geopolitical tensions. Iran-backed Houthi militants in Yemen attacked Saudi Arabia's Red Sea port of Yanbu, along with an oil field and an airport, sparking fears of potential US and Israeli military strikes against Iran.
Analysts noted that these threats have fueled upward price momentum in the energy market. Meanwhile, Ukraine intensified attacks on Russian oil refineries amid a US-Russia agreement involving diesel supplies. Saudi state oil company Aramco instructed staff to evacuate its Dhahran headquarters, marking the company's first major evacuation since the conflict with Iran began.
Energy advisory firm Ritterbusch and Associates highlighted that the complex is rebounding on a strong injection of risk premium due to the Houthi attack on Saudi infrastructure and potential combined US-Israeli strikes on Iran after the midterms. Brent crude oil also rebounded to a five-month high near $110 per barrel, further fueling concerns about prolonged elevated oil prices into 2027.
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