Military action in Iran triggers supply concerns, lifting WTI crude prices nearly 1% amid geopolitical tensions in the Strait of Hormuz.
The US military conducted strikes on an Iranian military site, citing threats to US forces and commercial shipping in the Strait of Hormuz. Officials reported intercepting and downing multiple Iranian drones targeting the region.
Prior to the strikes, crude oil markets had shown volatility amid broader geopolitical risks. The Strait of Hormuz remains a critical chokepoint for global oil supplies, with disruptions historically driving price spikes.
WTI crude oil prices climbed 0.95% to $88.95 following the news, reflecting investor concerns over potential supply disruptions.