WTI Oil Prices Soar Amid Ongoing Middle Eastern Tensions

The price of WTI oil continues to rise as tensions in the Middle East remain high. The US is set to release details of its plan to isolate Iran's economy on Monday, but analysts believe that the Islamic Revolutionary Guard Corps (IRGC) will maintain a hawkish stance.

This means that the Strait of Hormuz, through which much of the world's oil passes, may remain closed despite sanctions and naval blockades. As a result, traders expect physical markets to deteriorate further.

The global oil reserves are already falling at a rapid pace as countries try to prevent prices from reaching $100 per barrel. However, if the Strait is not reopened, their attempts will be in vain.