WTI Oil Price Near $87 Amid Renewed Iran Sanctions Tensions

The price of WTI (West Texas Intermediate) crude oil is hovering around $87 per barrel, influenced by renewed tensions over Iran sanctions. Markets.com reported on this development.

WTI has been trading in a narrow range despite global economic uncertainty and the ongoing conflict between Russia and Ukraine. The current price represents a slight increase from previous levels but remains below pre-pandemic highs.

The situation in Iran is being closely watched, as the US re-imposed sanctions on the country's oil exports last year. This move has led to a decline in Iranian crude production and shipments, affecting global supply dynamics.

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