WTI Oil Prices Surge as Middle East Tensions Escalate

West Texas Intermediate (WTI) oil prices have surged over 10% this week to trade around $90.20 per barrel, as escalating tensions in the Middle East stoke fears of global oil supply disruptions.

The sharp rally comes amid growing concerns over US-Iran conflicts and Red Sea attacks that are disrupting critical crude export routes.

US President Trump has threatened 'major military punishment' against Iran and Houthi forces, warning of a 'massive attack' on Iran itself, following strikes by Iran-backed Houthi militants against two Saudi oil tankers in the Red Sea.

The targeted waterway serves as an alternative export corridor for Saudi Arabia, particularly as ongoing combat continues to snarl vessel movement through the critical Strait of Hormuz.