WTI Crude Prices Surge on US-Iran Tensions and Supply Concerns
West Texas Intermediate (WTI) crude oil prices have surged to their highest level since July 24, driven by escalating tensions between the US and Iran.
The price of WTI has risen by 1.20% to trade in the mid-$90.00s, marking its third consecutive daily advance. This move reflects ongoing support from heightened supply concerns due to the renewed conflict in the Middle East.
US forces have carried out strikes on Islamic Revolutionary Guard Corps targets, responding to attempted attacks on commercial vessels and US service members in the region. Iran has stated that it launched heavy ballistic missile and drone strikes against US-linked locations in Jordan and the UAE.
This latest escalation has amplified worries about potential disruptions in crude flows, providing a firm floor under oil prices. Strategists at TD Securities note that the fragility of current arrangements around key trade routes remains a concern, highlighting the persistence of supply risks.