Commodities
Middle East Tensions Drive WTI Oil to Three-Month High
The price of West Texas Intermediate (WTI) US Oil has risen to a three-month high, reaching $93.85 at the time of writing, up 1.77% on the day.
This increase is driven by growing concerns that escalating hostilities in the Middle East could further disrupt global supply.
The conflict with Iran has entered a new phase after the US and Iran exchanged attacks on Tuesday, while the Iran-backed Houthis have struck oil facilities in Saudi Arabia, prompting Riyadh to retaliate against targets in Yemen.
Tensions are particularly acute around the Strait of Hormuz, where attacks on vessels continue to restrict oil traffic, with the strategic waterway handling around 20% of global oil supply.