Commodities
WTI Crude Oil Prices Rise Amid Middle East Tensions and US Inventory Data
West Texas Intermediate (WTI) crude oil prices rose on Thursday, hovering around $85.50 per barrel in Asian trading hours.
The increase comes as heightened geopolitical tensions in the Middle East continue to underpin the market.
The dispute has extended to the strategically important Strait of Hormuz, a key transit route for global oil shipments.
US President Donald Trump stated that flows of oil cargoes are continuing through the waterway, while also signaling that the possibility of renewed dialogue with Tehran remains open.
The UAE halted all financial and economic transactions with Iran in response to alleged ballistic missile strikes on Emirati territory.