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WTI holds modest gains above $92 amid Middle East jitters
WTI was up more than 0.80% for the day and stayed near $92 as traders priced geopolitical risk after renewed Middle East developments.
West Texas Intermediate, the benchmark US crude oil price, struggled to build on a modest gap-up at the start of the week as traders held off on fresh bets while watching developments tied to the Middle East crisis, FXStreet reported.
Still, WTI maintained a positive bias through the Asian session and traded just above the $92.00 level, up over 0.80% for the day, as attention focused on US-Iran tensions.
FXStreet said US President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz within a week and resume nuclear talks in exchange for lifting a US naval blockade of Iranian ports, and noted Trump added that additional military strikes on Iran were possible before US midterm elections.
The outlet also pointed to ongoing attacks involving the Houthis in Yemen and Iran targeting Saudi Arabia, which left regional supply flows vulnerable, and said peace negotiators are pressing Iran to make concessions on its nuclear program to revive ceasefire talks with the US.
Latest closeWTI crude $92.44 ▼2.3%