WTI Crude Oil Prices Soar Amid Escalating US-Iran Tensions
The US-Iran confrontations in the Strait of Hormuz have pushed West Texas Intermediate (WTI) crude oil prices higher, with WTI trading above $90.50 amid escalating tensions.
US forces struck three Iranian oil tankers on Saturday, while Iran's Islamic Revolutionary Guard Corps said it had targeted six vessels in retaliation.
This has added to concerns over the security of shipping through the strategic waterway and intensified fears of a prolonged disruption to supplies from the region.