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WTI jumps 2.1% after Iran and US strike headlines

Oil edged higher after Iran’s IRGC warned the Strait of Hormuz would be unsafe for oil and petrochemical transit while US actions continue.

Reported · Written up by our desk · Energy

Oil prices rose after renewed US and Iranian strike related headlines, with West Texas Intermediate up 2.1% on the day to $83.50, FXStreet said.

FXStreet cited UK Maritime Trade Operations agency information that a vessel was on fire off the coast of Oman and said Iran’s IRGC claimed two oil tankers were blown up after attempting to transit the southern route of the Strait of Hormuz.

Iranian authorities also warned that the strait would not be safe for petrochemical products or even “single drop of oil and gas” transit as long as US actions in the region continue, while also saying it targeted US aircraft at Jordan’s Aqaba airport with ballistic missiles.

WTI, FXStreet noted, is a benchmark crude traded internationally, and political risk and supply disruptions are key drivers of its price, with the US dollar also influencing WTI since oil is predominantly traded in dollars.

Latest closeWTI crude $79.00 ▼0.8%

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