WTI Crude Oil Surges on US Strikes Against Iranian Targets
The price of West Texas Intermediate (WTI) crude oil surged on Tuesday after the US launched strikes against targets in southern Iran, despite a lack of damage assessment.
The WTI price reached its session high at just under $89.00 before giving back more than half a dollar to trade around $88.00, with Brent crude also rising to near $93.50.
The US Central Command confirmed that American forces began striking Islamic Revolutionary Guard Corps targets on Tuesday evening, citing recent attempted attacks on commercial shipping in the Strait of Hormuz and on American personnel in the region.
The campaign is seen as a bid to make the Strait of Hormuz passable again, with Iran's parliament speaker warning this week that if the country is barred from exporting through the Persian Gulf, no other producer will export either.