WTI Oil Prices Dip Below $90.50 Amid Escalating Middle East Tensions

West Texas Intermediate (WTI) oil prices dipped below $90.50 on Tuesday despite concerns over rising Middle East supply risks. The price edged lower to around $90.40 per barrel during Asian hours.

The decline comes as Iran vowed to strike energy infrastructure across the Middle East in response to further US attacks on its assets, escalating a conflict that has sharply reduced regional oil supply.

Last week's surge of nearly 10% was fueled by renewed fighting and fears of deeper energy disruptions. The situation worsened over the weekend with both sides stepping up attacks on ships and military vessels around Hormuz.

Saudi Aramco's facilities in Jazan near the Red Sea were targeted again on Monday, though damage remained limited. Iran also announced that an agreement with Oman to manage shipping through the Strait of Hormuz is nearing completion, fueling concerns over Tehran's growing control of the key waterway.