Iran Tensions Fuel WTI Crude Oil Price Surge
WTI crude oil prices remain near their highest level since July 24, despite trading below $90.00 during the Asian session on Friday.
The commodity is poised to register its steepest weekly gains since mid-July amid renewed US-Iran hostilities and supply concerns over the Strait of Hormuz.
Iran's targeting of US military bases in Kuwait and the UAE has added to the geopolitical risk premium, bolstering the near-term positive outlook for crude oil prices.