WTI Futures Surge 6% on US-Iran War Fears
West Texas Intermediate crude oil futures jumped 6% to above $83 per barrel as geopolitical tensions between the US and Iran sparked supply concerns.
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NYMEX WTI futures rallied sharply during European trading on Wednesday, climbing over 6% to trade just above $83.00 a barrel. The move marks a sudden rebound after recent weakness.
The surge is driven by fears of a renewed escalation in hostilities between the United States and Iran, raising the risk of disruptions to Middle Eastern oil supplies. Traders are pricing in a higher geopolitical risk premium as the situation unfolds.
The rally pushed front-month prices back toward the upper end of their recent range, with oil now up significantly on the day.
Source: FXStreet Forex News