Texas oil rises 2.78% amid escalating US-Iran tensions
Texas Intermediate (WTI) oil rose 2.78% this Friday, reaching $67.02 a barrel, driven by traders' fears that escalating tensions between the US and Iran could affect crude supply. At the end of the session, WTI futures contracts for April delivery added $1.81 compared to the previous day's close.
TL;DR
- WTI crude oil closed at $67.02 per barrel, a 2.78% increase.
- Traders fear that escalating US-Iran tensions could affect crude oil supply.
- WTI prices gained 0.89% for the week due to nuclear negotiations and potential US attacks on Iran.
- US President Donald Trump expressed dissatisfaction with Iran's nuclear program negotiations.
- Oman's Foreign Minister is scheduled to meet with US Vice President JD Vance to discuss Iran talks.
- A new meeting is planned for Monday in Vienna regarding the atomic energy talks.
- Washington demands zero uranium enrichment from Iran and limits on missile capabilities.
- Tehran refuses these demands, only agreeing to nuclear program cuts in exchange for sanctions relief.
- Tom Essaye predicts WTI will remain near year-to-year highs if nuclear negotiations deteriorate.
- US commercial oil reserves increased by 16 million barrels last week.
- Tariff uncertainty persisted after the Supreme Court annulled some of Trump's emergency economic tariffs.