Commodities
Middle East Tensions Push WTI Crude Past $90 Amid Shipping Fears
The price of West Texas Intermediate (WTI) crude oil has broken above $90 per barrel, while Brent crude is approaching the $100 mark. The surge in prices comes as geopolitical tensions in the Middle East continue to escalate.
The conflict between the US and Iran has intensified, with concerns over global oil supply security growing rapidly. The Strait of Hormuz, a critical shipping route for oil exports, remains at risk due to ongoing tensions.
Oil prices have risen for five consecutive trading sessions, driven by market fears of disrupted crude oil transportation in the Middle East. WTI crude has gained more than 4%, while Brent crude has climbed over 2%.