WTI Price Tumbles Amid Middle East Jitters, Geopolitics Keep Crude Oil Afloat

Crude oil prices slipped on Friday, breaking a two-day winning streak as Middle East tensions continued to weigh on investors' minds. The WTI benchmark price dipped to $91.50, down 0.45% for the day. Despite this decline, analysts believe that geopolitical risks will continue to support crude oil prices.

The Pentagon is reportedly preparing to send a third aircraft carrier strike group and 10,000 sailors and Marines to the Persian Gulf, further increasing tensions in the region. Additionally, Iran's Persian Gulf Strait Authority (PGSA) stated that several tankers were attacked in the Strait of Hormuz recently.

US President Donald Trump also weighed in on the situation, stating that he would decide soon whether to take action against Iran and that the war will end 'very soon one way or another'. This rhetoric has added to the geopolitical risk premium, which is currently supporting crude oil prices.