WTI Crude Futures Pull Back Amid Escalating Iran-US Tensions

WTI crude futures pulled back on Wednesday to around $88.70 as tensions between the US and Iran escalated, threatening oil shipments through the Strait of Hormuz.

The Strait of Hormuz is a critical waterway for global energy trade, with over 17 million barrels passing through it on Monday, according to US Treasury Secretary Scott Bessent.

Bessent stated that Iran's economy has entered an 'acceleration phase' of bankruptcy but emphasized that Tehran does not control the route, contradicting concerns about supply disruptions.

The move comes after two consecutive days of gains for WTI despite growing geopolitical risks. Market participants are assessing whether the latest confrontation in the Middle East could disrupt one of the world's most critical oil transit routes.