Commodities
WTI Oil Prices Soar Amid US-Iran Tensions
West Texas Intermediate (WTI) oil prices reached a fresh three-month high of around $92.50 during the Asian session on Wednesday, but failed to sustain momentum.
The price of WTI was boosted by escalating US-Iran tensions, with the US attacking Iranian oil tankers and Iran firing over 30 missiles at US forces in Jordan.
A full blockade of the strategic Strait of Hormuz is also a possibility, according to Iran's security chief Mohsen Rezaei.
This geopolitical risk premium continues to support crude oil prices, but bulls are hesitant to place fresh bets until the release of US inflation figures for clues about the Federal Reserve's policy path.