Commodities
Middle East Tensions Send WTI Oil Prices Soaring Above $89.50
West Texas Intermediate (WTI) oil prices surged above $89.50 on Thursday as investors assessed renewed hostilities in the Middle East and efforts to reopen the Strait of Hormuz.
The price rebound comes after registering losses in the previous day, trading around $89.60 during Asian hours.
US President Donald Trump announced fresh strikes against Iranian targets around the Strait of Hormuz, framing them as retaliation for Tehran's attempts to lay mines in the strategic waterway and a previous attack on a US military base.
In response, Iran claimed it had already targeted US bases across the region and launched missiles toward Jordan.