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WTI slips below $89 amid US-Iran escalation risk
Despite WTI edging lower to about $88.70, 17 million barrels of crude passed through the Strait of Hormuz on Monday, underscoring the stakes for supply disruption.
WTI crude was slightly lower after two straight days of gains, trading around $88.70 during European hours on Wednesday, according to FXStreet.
The move came as tensions escalated between the United States and Iran, with US President Donald Trump announcing fresh strikes against Iranian targets near the Strait of Hormuz and warning of a larger response if Iran retaliates.
FXStreet notes that Iran said it had already targeted US bases across the region and launched missiles toward Jordan, while US Treasury Secretary Scott Bessent characterized Iran's economy as entering an acceleration phase toward bankruptcy.
Rabobank added that the global energy and agricultural complex is already under strain from Russian and Ukrainian strikes, and it warned that further escalation, including potential disruptions to airspace and industry operations, could add uncertainty for commodity markets and global trade flows.
Latest closeWTI crude $90.79 ▲5.9%