WTI rises nearly 4% amid US-Iran tensions
WTI crude oil price gains strong positive traction, snapping a three-day losing streak to an over two-week low.
The commodity currently trades around mid-$81.00s, up nearly 4% for the day, amid the risk of resumption of US-Iran hostilities.
The US-Iran standoff over the Strait of Hormuz prompts traders to price in a geopolitical risk premium, triggering a recovery in crude oil prices.