WTI Surges as Middle East Tensions Escalate Pipeline Disruptions
The price of West Texas Intermediate (WTI) crude oil has risen above $98.50 amid growing concerns over supply disruptions in the Middle East. The Saudi Arabia's East-West pipeline, a key alternative route to the Strait of Hormuz, remains shut following drone attacks with no clear indication of when operations will resume.
A diplomatic meeting between Iran and Gulf Arab states to discuss the situation in Hormuz was abruptly postponed. Iran claimed that a supertanker attempting to enter a restricted area in Hormuz exploded after striking mines, while maintaining it would not engage in talks with the US until its demands are met.
Meanwhile, President Volodymyr Zelenskyy of Ukraine said his country is prepared to halt attacks on Russian energy targets if Russia does the same, contradicting US President Donald Trump's claim that Moscow and Kyiv had already agreed to suspend strikes against each other's energy infrastructure.