WTI crude oil prices are holding above $89.50 per barrel as renewed hostilities in the Middle East fuel supply concerns. The geopolitical tensions have once again underscored the region’s influence on global oil markets, particularly given its proximity to the Strait of Hormuz, a critical chokepoint for oil shipments. A geopolitical risk premium is being factored into current oil prices amid fears of potential supply disruptions. The market has demonstrated sensitivity to these developments, trading within the mid-$80s to low-$90s range during periods of escalation. Market participants are closely watching for statements from OPEC and the International Energy Agency that could further influence pricing dynamics.
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