WTI Crude Oil Prices Surge Amid Escalating US-Iran Tensions
West Texas Intermediate (WTI) crude oil prices have surged to a fresh high of mid-$90.00s, marking its highest level since July 24 amid escalating US-Iran tensions.
The latest developments in the Middle East crisis saw US forces strike Islamic Revolutionary Guard Corps targets in retaliation for attempted attacks on commercial shipping and American service members in the region.
This escalation has raised concerns over global supply and reinforced the fragility of energy market arrangements, with strategists at TD Securities noting that 'the latest escalation in the conflict between the US and Iran continues to highlight how flimsy any deal or MoU headlines really are.'