Gate News bot news, according to FXStreet, West Texas Intermediate (WTI) crude oil prices fell back from a five-month high of $76.74 during the Asian session on Monday, trading around $75.50 per barrel. Due to the U.S. attack on three nuclear facilities in Iran over the weekend, market concerns about supply intensified, and WTI prices opened with a rise of over 2%.
U.S. President Donald Trump announced on Saturday night that he has launched attacks in coordination with Israel, "destroying" Iran's major nuclear facilities, including Fordow, Natanz, and Isfahan. With Tehran pledging to defend itself, this Middle Eastern conflict is bound to escalate.
Traders expect oil prices to further pump as concerns grow that Iranian retaliation could lead to the closure of the Strait of Hormuz. About 20% of the world's crude oil supply passes through the strait. The Iranian parliament has approved a measure to close the strait. According to Iran's news television via Reuters, Iran has previously threatened to close the strait but has never actually followed through.
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After the United States attacked three nuclear facilities in Iran, WTI prices pumped to around 75.50 dollars.
Gate News bot news, according to FXStreet, West Texas Intermediate (WTI) crude oil prices fell back from a five-month high of $76.74 during the Asian session on Monday, trading around $75.50 per barrel. Due to the U.S. attack on three nuclear facilities in Iran over the weekend, market concerns about supply intensified, and WTI prices opened with a rise of over 2%.
U.S. President Donald Trump announced on Saturday night that he has launched attacks in coordination with Israel, "destroying" Iran's major nuclear facilities, including Fordow, Natanz, and Isfahan. With Tehran pledging to defend itself, this Middle Eastern conflict is bound to escalate.
Traders expect oil prices to further pump as concerns grow that Iranian retaliation could lead to the closure of the Strait of Hormuz. About 20% of the world's crude oil supply passes through the strait. The Iranian parliament has approved a measure to close the strait. According to Iran's news television via Reuters, Iran has previously threatened to close the strait but has never actually followed through.