Commodities
US-Iran Tensions Drive WTI Below $93.50 Amid Escalating Conflict
The West Texas Intermediate (WTI) crude oil price has fallen below $93.50 as tensions between the US and Iran continue to escalate.
As of early European trading on Thursday, WTI traded around $93.20, with traders booking some profits amidst ongoing tensions in the Middle East.
The potential downside for the benchmark crude oil price might be limited amid rising tensions in the US-Iran conflict and intensifying attacks on tankers in the Persian Gulf.
In a statement, Iranian senior official said that the Islamic Republic is ready for a more intense war and will escalate counterstrikes if the US continues attacking its territory and infrastructure.