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WTI rises above $82 on renewed US-Iran supply worries
WTI was up 0.68% to around $82.10, supported by deadlocked US-Iran talks amid fresh Middle East escalation.
West Texas Intermediate US crude rose on Monday, trading around $82.10 and up 0.68% on the day, as renewed US-Iran tensions lifted concerns about oil flows through the Strait of Hormuz, according to FXStreet.
The outlet cited comments from Iranian Foreign Minister Abbas Araghchi saying there are no current negotiations with Washington and that the US must accept Iran’s conditions for shipping to resume. It also pointed to tougher rhetoric after the weekend, which it said reduces the odds of rapid de-escalation and keeps a geopolitical risk premium in oil prices.
FXStreet added that traders were also monitoring renewed fighting involving Israel and Iran-backed Hezbollah in Lebanon, which could further test Middle East energy supply stability. It said supply risks extend beyond the region, noting Russia faces fuel shortages after Ukraine resumed near-daily attacks on Russian oil refineries.
Looking ahead, FXStreet said market participants will turn to the American Petroleum Institute weekly US crude oil inventory report due on Tuesday for potential signals on the supply-demand balance in the world’s largest oil market.
Latest closeWTI crude $82.40 ▲1.4%