Commodities
WTI Oil Price Dips Below $91 as US-Iran Tensions Escalate
The price of West Texas Intermediate (WTI) oil slipped below $91.00 despite rising tensions between the US and Iran.
Iranian President Masoud Pezeshkian declared at the UN General Assembly that his country would not yield to threats, reaffirming its right to pursue nuclear technology for economic development.
Pezeshkian also stated that Iran would restrict freedom of navigation through the strategic Strait of Hormuz as long as US sanctions and blockades remain active.
In response to domestic energy concerns, US Energy Secretary Chris Wright announced a voluntary reduction in US diesel exports, aiming to ease the impact on refiners.