WTI Back Above $91 as War Premium Returns
AI Summary
WTI crude oil prices have rebounded above $91 per barrel, driven by renewed war-related premiums amid escalating U.S.-Iran tensions. The conflict, including missile attacks and tightened shipping restrictions, has increased market volatility.
October WTI crude oil futures are trading at $91.80 Thursday night, up $8.36 or 10.02% for the week so far. The contract traded as low as $84.11 early in the week before reaching $93.14, its strongest level since late July. The market began the week testing whether more cargoes moving through the Strait of Hormuz would take the war premium out of crude. That selloff did not hold. The United States and Iran exchanged their heaviest fire since July. Iran tightened shipping restrictions. Kuwait came under missile and drone fire. Israel renewed threats…