Middle East Tensions Fuel WTI Oil Price Surge Near Six-Week High

West Texas Intermediate (WTI) oil prices have been fluctuating near a six-week high, driven by escalating tensions in the Middle East and supply concerns.

The price of WTI crude oil reached an intraday high of $90.78 per barrel on Wednesday, its highest level since July 24, before retreating to around $89.70 at the time of writing.

The volatility in the energy market has been fueled by Iran's Islamic Revolutionary Guard Corps' (IRGC) claim that two oil tankers were struck by naval mines while attempting to transit a waterway.

Additionally, US crude stocks fell by 4.45 million barrels last week, exceeding market expectations and supporting oil prices.