Commodities
WTI Holds Steady at $86 Amid Ongoing US-Iran Tensions
The price of West Texas Intermediate (WTI) crude oil remains near $86.00 due to ongoing tensions between the US and Iran, which are driving up supply risks.
The current standoff has injected a risk premium into crude prices, with traders weighing the possibility of supply disruptions in the Strait of Hormuz, a critical chokepoint for global oil shipments.
A technical analysis suggests that WTI has held above key support levels, with the $85.00 zone acting as a near-term floor. However, the market remains cautious about demand headwinds from global economic slowdown concerns.