Geopolitical risks in the Middle East drive WTI crude up over $4 to $92.52, reflecting supply concerns amid escalating conflicts.
West Texas Intermediate crude oil prices climbed more than $4 to trade at $92.52, nearing a multi-month high, as tensions between Israel and Iran intensified. The flare-up adds pressure to an already fragile ceasefire in the region, raising concerns over potential supply disruptions.
Prior to the escalation, WTI had stabilized around $88 per barrel, with markets closely monitoring geopolitical developments. The latest surge reflects heightened risk premiums, though no immediate supply shortages have been reported.
Market reaction saw energy futures rally, with traders pricing in elevated risks to global oil flows amid the uncertainty.