WTI crude oil extends gains for a third day, hitting five-month highs as geopolitical tensions in the Strait of Hormuz spark renewed supply disruption fears.
WTI crude oil prices have extended their gains for a third consecutive session, driven by heightened geopolitical tensions in the Strait of Hormuz. The reported attacks on commercial vessels have intensified market fears regarding potential supply chain bottlenecks and disruptions to global oil transit routes, pushing the commodity to five-month highs.
The Strait of Hormuz is a critical maritime chokepoint for global oil transit; any disruption or threat of attack there creates immediate supply concerns, which typically drives oil prices higher.
WTI crude oil prices climbed for a third consecutive session on Friday, reaching five-month highs. The rally follows reports of fresh attacks on vessels in the Strait of Hormuz, heightening market fears regarding potential global supply disruptions.
The price of WTI crude oil is rising due to increased concerns over supply disruptions following reports of new attacks on vessels in the Strait of Hormuz.