Commodities
Home›Commodities›Energy›WTI hovers near one-month highs as US-Iran tensions li…
WTI hovers near one-month highs as US-Iran tensions lift crude risk premium
WTI was last around $79.35, up 0.5% on the day, supported by strikes involving Iran and shipping risks tied to the Red Sea route.
West Texas Intermediate crude edged higher in the Asian session on Friday, trading near the $79.35 area and up 0.5% for the day, while still staying inside a multi-day trading range, according to FXStreet.
The outlet linked support for crude to renewed Middle East tensions. It cited a sixth consecutive night of US air strikes against Iran on Thursday, including action against an empty oil tanker headed for Kharg Island as part of a renewed naval blockade on Iranian ports, and reported that Iran carried out attacks on US military facilities across the region.
FXStreet also pointed to broader energy supply concerns. It noted reports from southern Iran that civilian infrastructure including power facilities and a train station was hit, and referenced the Islamic Revolutionary Guard Corps threatening to target additional regional energy supply routes.
Additional risk to shipping traffic weighed on sentiment, the outlet said. It cited Reuters reporting that Iran asked Yemen's Houthis to stand ready to close the Red Sea oil route, while also mentioning a drop in shipping traffic through the Strait of Hormuz as further support for crude prices.
Latest closeWTI crude $79.00 ▼0.8%