WTI Oil Prices Soar Near $85 Amid Iran Sanctions Fears

WTI crude oil is trading near $85 per barrel as markets weigh the potential re-imposition of US sanctions on Iran, which could tighten global supply and further support prices.

The $85 level is a key psychological threshold for WTI, and a sustained break above it could trigger further technical buying. However, the market remains sensitive to headlines, and any diplomatic progress could quickly reverse gains.

Sanctions on Iran have historically removed hundreds of thousands of barrels per day from the global market. If the US were to enforce stricter measures, it could tighten an already balanced market, especially with OPEC+ production cuts still in place.