US-Iran Tensions Send WTI Oil Prices Soaring Amid Regional Supply Squeeze
The US has launched its 13th consecutive day of strikes against Iran, amid escalating tensions between the two nations. President Trump warned that he is considering a 'massive attack' on Iran and threatened 'major military punishment' against any further strikes on Red Sea shipping. The regional supply squeeze is already being felt, with Asian importers discussing alternative routes for Saudi crude shipments.
The Caspian Pipeline Consortium has suspended crude loadings at its Black Sea terminal, effectively choking off approximately 80% of Kazakhstan's oil exports. WTI Oil prices have surged by 10% in the past week, holding above $90.00 amid the middle east escalation.
As a result, global markets are on high alert, with OPEC and other major players closely monitoring the situation. The Organization of the Petroleum Exporting Countries has a history of influencing WTI Oil prices through production quotas and supply decisions.