WTI Crude Surges Above $100 as Geopolitical Tensions Escalate

Crude oil prices have surged above $100 per barrel due to escalating geopolitical tensions and supply concerns.

The U.S. West Texas Intermediate (WTI) crude price extended its gains on Friday, trading near $102.50 per barrel, marking a significant rebound from previous lows.

The market believes that the recent rapid rise in oil prices is driven by a combination of persistent disruptions to Middle Eastern supplies, constraints on key shipping lanes, and a resurgence in physical crude procurement.

Supply risks in the Middle East remain the primary driver of the surge, with continued disruptions to shipping in the Red Sea and the Strait of Hormuz heightening market concerns about further declines in Middle Eastern crude export capacity.