WTI Crude Prices Soar on Escalating Iran Conflict
WTI crude oil prices have been on a tear since the Iran war escalated and the Strait of Hormuz was closed, with no end in sight to this volatile situation.
Looking at the chart, it's clear that just under a year ago, WTI crude prices were hovering around $55, but the outbreak of the war sent them skyrocketing to their current buoyant levels.
The price surge was not limited to the recent conflict; 16 months prior, there was another moderate lift in crude prices following an attack on Iran that was seen as a major turning point in their nuclear ambitions. However, this proved to be short-lived, and the price pulled back.
The current uptrend has been re-established, with higher highs and higher lows. While WTI crude has lost some momentum recently, oil volatility remains elevated, leading to large price swings up and down.