US WTI Crude Oil Futures Rise Above $90 Per Barrel Amidst US-Iran Tensions
Oil prices have climbed to near $100 per barrel due to fears of supply disruptions from the Strait of Hormuz, with Brent crude at $96-$99 and US WTI above $90.
US West Texas Intermediate (WTI) crude oil futures recently traded above $90 per barrel. Brent crude climbed to between $96 and $99 per barrel during the last two weeks, marking the highest levels seen in one and a half months. Geojit Investments analyst Hareesh V stated that the rally is driven by escalating military tensions between the United States and Iran. Strikes and threats against assets in the Gulf have increased worries about tanker movements through the Strait of Hormuz. While actual supply losses are currently limited, traders have added a significant geopolitical risk premium to prices. The market strength was also supported by resilient demand from major economies and expectations of stable energy consumption. Supply chains remain intact despite the heightened fears.
