WTI Crude Oil Price Holds Near $99.50 Amid Ongoing Supply Concerns
The West Texas Intermediate (WTI) crude oil price continues to hold onto its gains near $99.50, driven by supply concerns in the Middle East.
A widening conflict between Houthis and Saudi Arabia has fueled worries about disruptions in oil supplies, supporting prices. The recent drone attacks on Saudi's East-West pipeline have added to these concerns, while Iran-backed Houthi forces carried out a large-scale attack on a Saudi air base in Khamis Mushait.
The US-Iran standoff over the Strait of Hormuz also contributes to the bullish outlook for crude oil prices. Iranian Supreme National Security Council Secretary Mohsen Rezaei has rejected immediate negotiations with the US, suggesting that Tehran will not return to talks until its conditions are met.
Despite these developments, traders are waiting for the Federal Open Market Committee (FOMC) decision on Wednesday, which may impact crude oil prices. However, the fundamental backdrop suggests that WTI is likely to continue its upward trend.