Iran's Missile Strike Drives WTI Crude Prices Above $83.50

West Texas Intermediate (WTI) crude oil prices have held steady above $83.50 per barrel as tensions in the Middle East escalate following Iran's missile strike against US targets.

The move by Tehran comes after a series of US military actions against Iranian-linked facilities, marking a significant escalation in the conflict that has kept oil traders on edge for weeks.

As of [time] ET, WTI futures traded at $83.60, up 1.2% on the day, while Brent crude, the international benchmark, also gained, hovering near $87.

Analysts note that while the strikes have not yet disrupted oil production or exports, the risk premium embedded in crude prices has risen sharply, with traders adding a premium of around $3 to $5 per barrel.