WTI inches lower to near $99.00 despite broadening Middle East conflict
West Texas Intermediate (WTI) oil price edges lower after three days of gains, trading around $98.90 per barrel during the Asian hours on Monday. However, crude oil prices may recover on supply concerns as expectations for a quick resolution to the Iran conflict continue to fade.
Iran-backed Houthi forces in Yemen carried out their first strikes on Israel over the weekend, broadening the regional conflict. They warned that attacks will persist until operations against Iran and its allies end. The group also poses a threat to shipping through the Red Sea and to vital Saudi energy infrastructure, raising concerns about potential supply disruptions.
Meanwhile, the United States (US) is reportedly preparing for a prolonged ground campaign in Iran, with thousands of troops being deployed to the region. President Donald Trump has also floated the idea of taking control of Iran’s oil resources, including its main export terminal on Kharg Island, in a move reminiscent of prior US actions in Venezuela.
On a separate front, Trump indicated a policy shift on Cuba, stating he does not oppose countries supplying crude oil to the island. This comes as a sanctioned Russian tanker nears Cuba carrying a critical shipment, offering some relief to an economy struggling under an effective US-led oil blockade.
The vessel, linked to Russia’s so-called “shadow fleet,” has been tracked off Cuba’s eastern coast and is expected to dock soon, providing a much-needed boost to the country’s strained energy supplies, per Reuters.
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