Commodities
Home›Commodities›Energy›WTI slips near $90 as traders take profits amid Middle…
WTI slips near $90 as traders take profits amid Middle East supply fears
WTI was around $90.05, supported by concerns that renewed strikes and attacks could disrupt crude shipments via the Strait of Hormuz and the Red Sea.
West Texas Intermediate, the US crude benchmark, traded around $90.05 in early European hours on Friday and fell as some traders booked profits, according to FXStreet.
The pullback is tempered by renewed worries about global oil supplies tied to the Middle East. US Central Command said it carried out a 13th consecutive night of strikes on Iran, targeting assets including drone facilities and coastal surveillance sites, while Iranian state media reported explosions around the Strait of Hormuz and areas including Qeshm and Bandar Abbas.
Additional risk comes from attacks on oil tankers in the Red Sea by Yemen’s Iran-backed Houthi rebels, a potential threat to a route Saudi Arabia has used to bypass the Strait of Hormuz. FXStreet also noted that the market is watching technical levels, with WTI holding above the 100-day simple moving average and facing nearby resistance around $91.25 and $93.57.
Latest closeWTI crude $92.23 ▲6.2%