On Monday, WTI crude oil prices continued their climb higher over escalated tensions between the US and Iran. At the time of writing, WTI is trading at around $57.78 per barrel.

The situation in the Middle East has escalated following the most recent attack on two oil tankers in the region, which the US alleges was done by Iran. Following this incident, the US has deployed more troops in the Middle East.

According to some reports late last week, Trump nearly ordered a strike on Iran but called it off in the last hour after Iran’s Revolutionary Guards shot down a US drone. US Secretary of State Mike Pompeo has stated that the US government will be announcing “significant” sanctions against Iran on Monday in retaliation.