Commodities
Home›Commodities›Energy›WTI rebounds as Iran officials warn over US sanctions…
WTI rebounds as Iran officials warn over US sanctions and infrastructure
WTI was up 0.32% on the day as officials signaled potential retaliation if Iran targets are threatened, keeping attention on energy chokepoints.
Iran’s economy minister said Iran is fully prepared for US sanctions and warned that any economic “attack” by enemies should be met with Iran’s own tools, according to FXStreet. A spokesperson for Iran’s Islamic Revolutionary Guard Corps also threatened heavy blows to US vital interests and energy chokepoints if Iran’s infrastructure is threatened, as cited by the outlet.
The comments coincided with a bid in WTI, the US oil benchmark, with the contract up 0.32% at the time of publication.
WTI is typically tied to global supply and demand drivers, with political instability, wars, and sanctions capable of disrupting supply and shifting prices. The dollar’s direction also matters for WTI because crude is predominantly traded in US dollars, while weekly inventory reports from the American Petroleum Institute and the US Energy Information Administration can further move prices.
Latest closeWTI crude $82.40 ▲1.4%