Middle East Tensions Send WTI Oil Prices Soaring Past $99
West Texas Intermediate (WTI) oil prices have surged nearly 5% on Thursday to their highest level since May 21, climbing above $99 per barrel. The rally comes as tensions in the Middle East escalate, raising concerns about further disruption to already tight supplies.
The latest escalation between the US and Iran has increased security risks around the Strait of Hormuz, where shipping remains heavily restricted following the outbreak of war in late February.
Iran's Islamic Revolutionary Guard Corps (IRGC) claimed that the Strait is blocked and under their control. The group warned that any hostile presence would be targeted.
The Energy Information Administration (EIA) reported a 391,000-barrel drop in US crude oil inventories, missing expectations for a 1.6 million-barrel decline.