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WTI rises above $84 as US-Iran tensions keep Strait of Hormuz shut

WTI is about 23% above early July lows, after the latest escalation followed a ninth straight day of US strikes on targets in Iran.

Reported · Written up by our desk · Energy

WTI pushed to fresh one-month highs just above $84.00 after US-Iran hostilities escalated, raising fears of a broader conflict, according to FXStreet. The outlet said the situation has kept the Strait of Hormuz closed for sea traffic.

FXStreet linked the move in oil prices to the continued military action, noting the US struck targets across Iran for the ninth consecutive day on Monday. It also cited recent regional attacks, including the death of another US soldier in Iraq and attacks that killed two service members in Jordan.

The outlet said British maritime authorities reported a vessel on fire off the coast of Oman, while Iranian IRGC warned the US to prepare for a punitive operation. IRGC also affirmed that not even a single drop of oil will cross the strait while US aggression continues.

FXStreet added that WTI has regained about half of the ground it lost after a ceasefire agreement reached in May. The price level was described as roughly 23% above early July lows and about 25% below the $113.28 high hit in March.

Latest closeWTI crude $79.00 ▼0.8%

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