Middle East Tensions Weigh on WTI Oil Prices Despite Fed Decision
WTI oil prices fell below $83.00 on Thursday despite escalating hostilities in the Middle East, as traders took profits following the US Federal Reserve's interest rate decision.
The Fed kept interest rates unchanged at a range of 3.5% to 3.75%, as widely expected, with Chairman Kevin Warsh stating that it would take necessary steps to meet its 2% inflation target.
However, renewed military escalation in the region could raise concerns over crude flows and boost WTI prices. US President Donald Trump said the US would strike back at Iran after a recent attack on a military base in Jordan.