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Commodities

Middle East Tensions Drive WTI Oil Prices to Three-Week High

Guavy AI Editorial Team
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Oil
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US West Texas Intermediate (WTI) oil prices have seen an increase of 0.63% to trade at around $86.50 per barrel, its highest level in over three weeks.

The main driver of this price surge is the ongoing tensions in the Middle East, particularly with regards to the Strait of Hormuz and the Bab el-Mandeb Strait.

According to market analysts, the closure of these strategic waterways, combined with disruptions in regional oil flows due to conflict between Saudi Arabia and Yemen's Iran-backed Houthi group, continues to support energy prices.

US President Donald Trump has stepped up economic pressure on Tehran by threatening a sweeping sanctions campaign against Iran and countries maintaining commercial ties with it.

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