WTI Oil Prices Surge Amid Escalating US-Iran Tensions

WTI Oil prices have been surging, nearing $91 per barrel as tensions between the US and Iran escalate. The conflict has raised concerns of an all-out war in the Middle East, which would severely impact Crude exports from Gulf countries. US President Donald Trump's comments affirming that the US can strike Iran 'at a much harder and higher level' have added to the tensions.

The Strait of Hormuz remains congested with limited oil traffic, despite claims by US Energy Secretary Chris Wright that more than 17 million barrels crossed the strategic corridor on Monday. However, data from ship tracking services contradicts this statement, reporting only five ships crossing Hormuz on Monday, a 50% decline from 10 days before.

The weekly rally in WTI Oil prices is nearly 10% so far, with commercial Crude Oil stocks declining by 4.45 million barrels in the last week of August, according to the US Energy Information Administration (EIA).