WTI climbs above $101.00 on Middle East supply risks
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $101.20 during the early Asian trading hours on Thursday. WTI rises amid renewed concerns about additional energy supply disruptions in the Middle East.
On Thursday, West Texas Intermediate (WTI) crude oil climbed above $101.00 amid heightened concerns over potential supply disruptions in the Middle East. The price surge comes following a Houthi attack on Aden airport in Yemen and a warning to evacuate the facility. Earlier, the Houthis also claimed to have launched a missile towards Saudi Arabia's largest refinery, Ras Tanura.
US officials have advised Middle Eastern countries and allies to prepare for possible retaliation against Iran following the US midterm elections. US crude oil inventories unexpectedly fell last week, with a 1.462 million barrel decline, exceeding the 3.061 million barrel drop anticipated by analysts. This could contribute to further upward pressure on WTI prices, as the market anticipates tighter supplies due to potential military actions against Iran.
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