Middle East Tensions Push WTI Crude Price Below $91

Oil prices are volatile, and geopolitical tensions in the Middle East may keep them unstable. The West Texas Intermediate (WTI) crude oil price has fallen to near $91.00 due to a rebound in Middle Eastern crude exports.

The recent drop in WTI prices is attributed to increased supply, but strategists at Scotiabank note that geopolitical developments are driving the market's focus on oil prices.

Iranian officials have expressed skepticism about resolving hostilities or reopening the strategic Strait of Hormuz before the US midterm elections in November. Diplomatic efforts remain active, with Iranian Foreign Minister Abbas Araqchi stating that Tehran expects a US response to its latest proposal regarding the Strait of Hormuz.