US-Iran Standoff Sends WTI Oil Prices Soaring
WTI oil prices have been on the rise for the fourth consecutive day, reaching around $84.80 per barrel during Asian hours on Wednesday.
The increase is attributed to ongoing geopolitical tensions between the US and Iran, which are sustaining market concerns over global supply.
US President Donald Trump confirmed that the US naval blockade remains in effect, with no active negotiations with Tehran to end the conflict. Despite official assertions that the Strait of Hormuz is open and mines have been cleared, shipping risks remain elevated, severely restricting transit through the region.
Iranian forces have intensified their actions over the past week, contributing to a total of eight reported attacks this month on vessels passing through Hormuz, including ships tied to Saudi Arabia and the UAE. Domestic crude inventories dropped by 328,000 barrels last week, offering a modest pullback after a massive 9.07 million-barrel surge reported the week prior.