WTI Crude Oil Continues to Trade Bullish Over US-Iran Tensions

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.

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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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