Crude oil prices rise 2% to $103 on supply worries amid US-Iran war. What’s the near-term outlook?
US-Iran war: Crude oil prices climbed more than 2% in early trading on Tuesday, March 17, recovering part of the losses from the previous session, amid concerns over supply disruptions as the Strait of Hormuz remained largely shut and US allies resisted calls to deploy warships to assist tankers through the key route.
Brent crude futures rose $2.48, or 2.5%, to $102.69 a barrel, while US West Texas Intermediate (WTI) crude advanced $2.42, or 2.6%, to $95.92. In the previous session, Brent had settled 2.8% lower, while WTI crude dropped 5.3% after some vessels managed to pass through the crucial waterway.
