Texas oil rises 1.9% amid escalating US-Iran tensions
The price of West Texas Intermediate (WTI) crude oil rose 1.9% on Thursday, reaching $66.43 a barrel, driven again by escalating tensions between the US and Iran following the latest statements by US President Donald Trump. At the end of the session, WTI futures contracts for March delivery added $1.24 compared to the previous day's close.
TL;DR
- WTI crude oil prices rose 1.9% to $66.43 per barrel.
- The increase is attributed to heightened tensions between the US and Iran.
- US President Donald Trump suggested a decision on potential military action against Iran could be made within ten days.
- The US has increased its naval presence in the Persian Gulf with the USS Abraham Lincoln and the Gerald R. Ford.
- Traders are concerned about potential disruptions to oil transport through the Strait of Hormuz.
- The Strait of Hormuz is a crucial route for approximately one-third of maritime oil exports.