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macroJun 8, 2026, 5:07 PM

WTI Oil Rises as Middle East Tensions Outweigh OPEC+ Output Hike

WTI crude oil climbed to around $89.95 on Monday, gaining 1.57% as escalating geopolitical tensions between Israel, Iran, and the Houthis overshadowed OPEC+'s planned production increase.

WTI

West Texas Intermediate (WTI) crude oil traded near $89.95 on Monday, up 1.57% on the day. The advance was driven by heightened geopolitical risks in the Middle East, particularly concerning Israel, Iran, and Houthi militants.

The rally persisted despite OPEC+'s decision to raise output, indicating that market participants are pricing in potential supply disruptions from the region. The conflict between Israel and Iran, along with Houthi attacks on Red Sea shipping, has kept risk premiums elevated.

At the time of writing, WTI remains well supported by safe-haven demand and fears of further escalation. Traders are monitoring diplomatic efforts and any signs of de-escalation that could trigger a sharp reversal.

Source: FXStreet Forex News