WTI Price Tumbles Amid Escalating Middle East Conflicts

Oil prices took an unexpected dip to $82.80 on Thursday's early Asian session despite escalating tensions in the Middle East.

The West Texas Intermediate (WTI), the US crude oil benchmark, fell amidst some profit-taking following the US Federal Reserve's interest rate decision.

The Fed kept interest rates unchanged at a range of 3.5% to 3.75%, as widely expected.

US President Donald Trump stated that the US would strike back at Iran after an attack on a military base in Jordan, raising concerns over crude flows from the region and potentially boosting oil prices.