Commodities
WTI Oil Prices Soar as Tensions with Iran Escalate
Oil prices have surged to one-month highs due to escalating tensions between the US and Iran. The conflict has led to a surge in oil prices, with WTI testing the key $86-$88.65 resistance zone.
The situation in the Strait of Hormuz is likely to continue dictating the direction for oil prices, despite Trump's deal with Venezuela that could ease supply pressures in the long term.
However, the deal may take years to increase output and provide relief to US fuel prices. In the short-term, traders should be cautious not to confuse reserves with immediate supply.