WTI Crude Oil Surges to Near $87 on US-Iran Tensions
WTI crude oil prices have risen toward $87 per barrel as tensions between the US and Iran escalate, threatening supply from the Middle East.
The latest price surge is driven by renewed geopolitical risks in the region. The US and Iran have exchanged harsh rhetoric, with the possibility of military confrontation or stricter sanctions on Iranian oil exports.
Investors are pricing in a higher risk premium due to concerns that any significant disruption in the Strait of Hormuz, a key transit chokepoint for about 20% of global oil consumption, could tighten supplies.