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Commodities

WTI Oil Price Surges as Iran Tensions Escalate

Guavy AI Editorial Team
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Oil
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The price of WTI Oil rose beyond $85.50 per barrel on Monday as tensions escalated in Iran.

Hostilities resumed after a month-long calm, with the US military attacking an Iranian island where the IRGC was allegedly preparing missiles to place sea mines in the Strait of Hormuz.

The incident reignited concerns of a global oil shortage and sent crude prices surging by over 3%.

Iran retaliated against US airbases in Jordan and the UAE, with Iranian President Masoud Pezeshkian warning that Tehran would not 'sit still' in the face of US attacks.

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