Commodities
US-Iran Conflict Drives WTI Crude Oil Prices to Near Two-Month High
The price of WTI crude oil has been fluctuating at high levels, reaching nearly two-month highs due to escalating US-Iran conflict and shipping restrictions in the Strait of Hormuz.
According to TradingKey, WTI crude oil prices have gained nearly 10% over the past week, with the latest price trading higher near $92.30, up 1.2% on the day.
The US-Iran conflict has re-escalated supply concerns, with the Strait of Hormuz handling a substantial portion of global oil transport.
OPEC+ decided to maintain its existing production policy unchanged in October, pausing its previous streak of consecutive output increases, which provides further support to oil prices.