WTI Crude Oil Trades Flat After a Brief Surge

Early on Wednesday, WTI crude oil is trading mostly flat after having climbed as high as $64 briefly and pulling back over reports of escalated tensions between US and Iran. At the time of writing, WTI crude oil is trading at around %6.93.

On Tuesday, the US stated that it may have downed a second Iranian drone in the Strait of Hormuz within a week, causing the sudden spike in oil prices. However, worries of weakening economic growth globally continue to exert downward pressure on oil markets over concerns of reducing demand.

The situation in the Gulf remains tense of late following US sanctions preventing Iran from exporting crude oil to any other country. Since then, there have been a few attacks on oil tankers and, more recently, even a seizure of a British oil tanker by Iran’s Revolutionary Guards.

US Navy had destroyed a drone owned by the Revolutionary Guards late last week, but according to a US official, there could have been one more drone downed in the region.

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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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