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WTI holds above $90 as Middle East tensions lift oil-risk premium
WTI is set for a weekly gain of more than 10% as strikes involving Iran, Houthi attacks and disrupted export routes raise fears of supply shortages.
West Texas Intermediate crude held around $90.20 per barrel during Friday Asian trading after pausing a three-day winning streak, with prices positioned for a weekly rise of more than 10%, according to FXStreet.
The rally is being driven by escalating Middle East tensions and renewed fears of widespread disruptions to global oil supply. FXStreet points to the United States launching a 13th consecutive day of strikes against Iran, while noting both sides have ruled out near-term diplomatic talks.
The article also links the heightened risk to President Trump’s warnings about potential further military action involving Iran and Houthi forces, following strikes by Iran-backed Houthi militants against two Saudi oil tankers in the Red Sea.
FXStreet further cites efforts by Asian importers to reroute Saudi crude shipments through the Suez Canal and around Africa, and adds that the Caspian Pipeline Consortium suspended crude loadings at its Black Sea terminal after tanker attacks, effectively choking off about 80% of Kazakhstan’s oil exports.
Latest closeWTI crude $92.23 ▲6.2%