WTI Crude Oil Price Rises Amid Geopolitical Tensions

Significant Price Movement

The price of West Texas Intermediate (WTI) crude oil surged to $58.52 per barrel on Friday, marking a 1.3% increase from previous levels ²

. This price movement comes as investors react to escalating geopolitical tensions in Iran following threats from US President Donald Trump ¹

Source 1

https://investasi.kontan.co.id/news/harga-minyak-wti-menguat-tajam-tembus-us-5825-per-barel-pada-jumat-91-pagi

.

Market Drivers

The rise in oil prices is primarily driven by two key factors: geopolitical instability in Iran and supply concerns from Venezuela. The threat of potential attacks on Iran has heightened market anxiety, while US measures to control Venezuela's exports have tightened global supply expectations ¹

.

Global Impact

Brent crude, another major benchmark, also saw a similar increase of 1.3% to $62.82 per barrel ²

. This simultaneous rise in both major crude benchmarks indicates a broad-based market reaction to the emerging geopolitical risks. The consecutive weekly gains in oil prices suggest a sustained impact from these global developments.

Market Outlook

As geopolitical tensions continue to escalate, particularly in the Middle East, oil prices are likely to remain volatile. Investors are closely monitoring developments in Iran and US foreign policy moves regarding Venezuela. The current market dynamics suggest that oil prices may continue their upward trajectory unless there is a significant de-escalation in tensions.