Commodities
WTI Price Jumps Above $99 as Middle East Tensions Escalate
The West Texas Intermediate (WTI) crude oil price has rebounded above $99.00, fueled by ongoing Middle East tensions and supply concerns.
A large-scale missile and drone attack on a Saudi air base in Khamis Mushait by Iran-backed Houthis in Yemen on Monday contributed to the price surge.
The attack, coupled with Iranian Supreme National Security Council Secretary Mohsen Rezaei's rejection of immediate negotiations with the US, has kept geopolitical risk premium in play, supporting the positive outlook for crude oil prices.
From a technical perspective, WTI's recent breakout above $91.00, which is also the 61.8% Fibonacci retracement level of the May-July corrective fall, has triggered fresh buying interest.