WTI Crude Nears $67.00 as Middle East Tensions Intensify

WTI Crude Touches $67.00 on Surging Middle East Tensions and Inventory Drop

West Texas Intermediate (WTI), the US crude oil benchmark, approached the $67.00 mark in early Asian trading on Thursday—its highest level in nearly two months. The surge comes as Middle East tensions escalate, compounding bullish sentiment in the energy markets.

Geopolitical Risk Lifts Crude Oil Prices

According to Reuters, the US is initiating a partial evacuation of its embassy in Iraq and permitting military dependents to exit various sites across the region. The decision reflects increasing security threats amid intensifying US-Iran tensions.

Adding fuel to market anxieties, US President Donald Trump expressed doubt over nuclear deal negotiations with Iran, reiterating that the US will not allow Iran to obtain nuclear weapons. This rhetoric has contributed to a rise in geopolitical risk premium, which often supports crude prices.

“Energy traders are reacting to growing instability in the Middle East, which could disrupt regional oil supply,” analysts noted.

Crude Inventory Data Adds to Bullish Momentum

Further supporting WTI prices, US Energy Information Administration (EIA) data revealed a crude oil inventory draw of 3.644 million barrels for the week ending June 6, signaling rising demand or tightening supply.

Key Takeaways:

• WTI crude oil nears $67.00 during early Asian trading.
• Rising US-Iran tensions drive geopolitical support for oil prices.
• US announces partial embassy evacuation in Iraq.
• President Trump warns against a nuclear-armed Iran.
• Crude inventories dropped by 3.644 million barrels, adding bullish momentum.

Related Articles on Tredu.com:

• How Geopolitical Risk Affects Oil Markets
• WTI vs. Brent: What Moves Each Crude Benchmark?
• US Crude Inventory Reports Explained