Iran Missile Strikes Send NY Crude Oil Prices Soaring Above $84

NY crude oil futures rebounded sharply on September 29th after Iran's Revolutionary Guard Corps launched ballistic missiles at U.S. forces stationed in the Middle East, reigniting supply fears.

The September delivery contract for West Texas Intermediate (WTI), the U.S. benchmark, settled at $84.46 per barrel, up $5.20, or roughly 6.6%, from the previous day.

The renewed military tensions around the Strait of Hormuz heightened alert levels over potential tanker transit disruptions and supply outages, causing investors to price in a significant geopolitical risk premium.

The combination of robust demand and tangible supply-side risks fueled a widespread view that the supply-demand balance would tighten further, accelerating the price rally.