Escalating Middle East conflicts and supply disruption fears push WTI crude to $90.20, marking a 10% weekly surge.
West Texas Intermediate crude oil stabilizes near $90.20 per barrel in Asian trading, pausing a three-day rally but remaining on track for a 10% weekly gain. The surge follows heightened Middle East tensions, including U.S. strikes on Iran and threats of further military action, raising fears of global oil supply disruptions.
Recent attacks on Saudi oil tankers in the Red Sea and the suspension of crude loadings at a key Black Sea terminal have tightened regional supply. Kazakhstan’s oil exports face an 80% choke as the Caspian Pipeline Consortium halts operations, while Asian importers explore alternative shipping routes to bypass conflict zones.
Market anxiety persists as diplomatic solutions remain off the table, with both the U.S. and Iran ruling out near-term talks. The Strait of Hormuz and Red Sea, critical chokepoints for global oil flows, face heightened risks amid ongoing hostilities.