WTI Crude Oil Rises 2.33% as Trump Warns Iran, EIA Reports Draw
West Texas Intermediate crude oil climbed around 2.33% to $89.40 on Wednesday, supported by geopolitical tensions after President Trump's warning to Iran and a larger-than-expected US crude stock draw reported by the EIA.
WTI
West Texas Intermediate (WTI) crude oil traded near $89.40 at the time of writing on Wednesday, up 2.33% on the day. The rally was driven by renewed geopolitical tensions in the Middle East after President Trump issued a warning to Iran.
Additionally, the Energy Information Administration (EIA) reported a deeper-than-expected draw in US crude inventories, further boosting prices. The combination of supply concerns and geopolitical risk pushed oil back above the key $89 level.
- Price: ~$89.40, up 2.33% intraday
- Catalyst 1: Trump warning to Iran
- Catalyst 2: EIA reports larger US crude stock draw
Source: FXStreet Forex News