US-Iran Conflict Drives WTI Crude Oil Prices to Near $99.00 per Barrel
The escalating US-Iran conflict has pushed West Texas Intermediate (WTI) crude oil prices to near $99.00 per barrel, ending a four-day winning streak.
Despite concerns over prolonged disruptions to global energy supplies, strategists at BNY highlight that President Trump continues to justify the economic fallout from the Iran conflict by linking it directly to non-proliferation goals.
The US and Iran have been engaging in intense fighting over the past two weeks, with the US targeting Iranian oil tankers while Iran has launched missiles at US warships and tankers in the Persian Gulf and American assets in neighboring countries.
Top US officials reportedly warned President Trump that the war could continue through January 2029, deepening market uncertainty.