WTI Crude Seeks Eighth Straight Win Amid Escalating Iran Tensions

The price of WTI crude oil is on track to record its longest winning streak in over three years, with eight consecutive days of gains. The rally is fueled by concerns over oil supplies due to the ongoing Iran conflict and tensions around the Strait of Hormuz.

WTI futures have risen steadily since late August, accelerating in September with each day ending in the green. This has taken WTI sharply higher from its recent lows, breaking through the $90 level and pushing towards $97.

The sustained advance reflects the growing supply risk surrounding the Iran conflict, particularly as fighting and tensions around Hormuz raise concerns about how much oil can continue moving through the region. If Thursday's gains hold, WTI would record its eighth consecutive green session.