Middle East Tensions Fuel 10% Weekly Surge in WTI Oil Prices
WTI oil prices surged over 10% this week as tensions in the Middle East escalated, driving fears of global oil supply disruptions.
The US launched its 13th consecutive day of strikes against Iran on Thursday, with both nations ruling out near-term diplomatic talks. President Trump threatened 'major military punishment' against Iran and Houthi forces over any subsequent strikes on Red Sea shipping, while noting that he is considering a 'massive attack' on Iran itself.
In response to the growing peril, Asian importers have begun discussing rerouting Saudi crude shipments through the Suez Canal and around Africa. The Caspian Pipeline Consortium suspended crude loadings at its Black Sea terminal following tanker attacks, effectively choking off approximately 80% of Kazakhstan's oil exports.