WTI Oil Price Steady Near $83 as Middle East Tensions Escalate
The West Texas Intermediate (WTI) oil price remained steady near $83 per barrel after the Federal Reserve's decision to hold interest rates constant at 3.50%-3.75%.
This comes after a sharp recovery from an intraday low of $78.90, but prices are failing to retain their gains due to concerns about potential disruptions to regional oil supplies.
The situation in the Middle East has intensified, with retaliatory attacks by Saudi Arabia and the United States against Iran-aligned groups in Iraq, following drone strikes on Saudi oil facilities.
In response, US President Donald Trump reiterated that Washington would respond forcefully to Iranian attacks against US targets in Jordan, adding to concerns about a broader conflict that could disrupt energy production or transportation across the region.