WTI prices climb back over $60.00 amid rising tensions in Iran

WTI Oil Surges Amid Middle East Tensions

West Texas Intermediate (WTI) crude oil prices have surged by over $4 per barrel during a four-day upswing, climbing to nearly $60.50 on Tuesday—levels not seen in almost two months—before easing back to around $60.00. This recent rally has been fueled by investor concerns that escalating unrest in Iran, a key global oil supplier, could disrupt crude production and impact global supply.

Reports from Iran indicate that violent clashes have resulted in more than 650 fatalities as authorities intensify their crackdown on demonstrators. Meanwhile, Iranian officials have adopted a more confrontational stance as the United States and Israel consider measures targeting Iran’s ballistic missile program. On Tuesday, U.S. President Donald Trump revealed plans for an additional 25% tariff on imports from nations conducting business with the Islamic Republic. He also warned of the potential for “very strong” retaliatory actions in response to Iran’s handling of the protests.

Venezuela’s Oil Exports Set to Resume

In contrast, expectations that Venezuela will soon restart its crude oil exports are helping to cap further price increases.

According to a Reuters report released on Friday, major commodity trading firms Trafigura and Vitol have agreed to assist with the logistics of Venezuelan oil sales at the request of the U.S. government. The report also noted that the first shipment could be loaded this week.