Geopolitical tensions in the Middle East drive WTI prices to $89.40, nearing $3 weekly gains amid supply disruption fears.
West Texas Intermediate crude climbed to $89.40 per barrel, up nearly $3 from last week’s close, as Middle East tensions intensified. US-Iran skirmishes and Israeli operations in Lebanon raised concerns over regional stability and oil supply routes.
The Strait of Hormuz, a critical chokepoint for 20% of global crude, remains partially blocked. While prices stay below the $100 mark, the International Energy Agency warned of potential operational stress on commercial reserves by mid-June.
No immediate market reaction was specified, but escalating conflicts could further pressure oil prices amid tightening supply conditions.