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WTI Oil Price Steadies Near $77.50 Amid Escalating Middle East Tensions

Guavy AI Editorial Team
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The West Texas Intermediate (WTI) oil price remains stable at around $77.50 per barrel during Asian hours on Friday, following modest gains in the previous day.

Tensions in the Strait of Hormuz have escalated, threatening global markets and casting doubt over efforts to fully reopen the vital shipping route.

Iran has reportedly struck 'hostile targets' in the strait after explosions were reported near Qeshm Island.

A proposed Iran-Oman agreement governing the strategic waterway would prohibit US and Israeli vessels from transiting the strait, while requiring countries deemed hostile to pay compensation before passage.

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