WTI Surges Above $85 Amid Ongoing US-Iran Standoff
Oil prices continued their upward trend for a fourth consecutive day due to the ongoing stalemate between the US and Iran. The conflict, which began almost six months ago, has left the status of the Strait of Hormuz uncertain.
The West Texas Intermediate (WTI) price climbed above $85 per barrel, with a gain of 4.5% over the previous three sessions. Brent crude also ended above $91 per barrel.
US President Donald Trump stated that there are no ongoing talks with Tehran. The dispute between the two countries revolves around the management of the Strait of Hormuz, a critical waterway connecting Persian Gulf producers to global markets.
The American Petroleum Institute reported a modest draw in nationwide crude holdings, including at the hub in Cushing, Oklahoma. Official data on stockpiles are due later this week.