WTI crude remains elevated as geopolitical tensions disrupt supply routes and delay ceasefire talks in the Middle East.
West Texas Intermediate crude oil prices stabilized near $90.50 per barrel in Asian trading, following a surge triggered by Iran’s missile strikes on Israel. The attack heightened fears of prolonged supply disruptions in the Persian Gulf, particularly through the Strait of Hormuz, a critical chokepoint for global oil flows.
Prices had retreated slightly from earlier highs but remained in positive territory, reversing Friday’s losses. Those declines had followed optimism over potential de-escalation in the US-Iran conflict, though Sunday’s strikes dashed hopes for a swift resolution. Israel’s military intercepted all incoming missiles, but the incident underscored persistent risks to regional stability.
The conflict’s escalation has delayed the anticipated restart of crude shipments, keeping upward pressure on prices. OPEC+ supply cuts and reduced output from the Gulf further tightened market conditions, offsetting earlier demand concerns.