WTI Crude Extends Gains Beyond $72 as Israel-Iran Conflict Threatens Oil Supply

WTI Crude Rises Above $72 Amid Israel-Iran Tensions and Threat to Hormuz Oil Route

Monday – Asia: West Texas Intermediate (WTI) crude oil extended its upside momentum in early Asian trade, climbing to $72.15, a seven-week high. The rally comes amid growing fears of a broader war between Israel and Iran that could severely disrupt oil supply across the Middle East.

Conflict Threatens Global Oil Flows

Tensions soared after Israeli airstrikes targeted two Iranian natural gas facilities, prompting retaliatory statements from Tehran. A top Iranian military commander over the weekend threatened to block the Strait of Hormuz, a strategic chokepoint through which around 20% of the world’s oil flows.

“A closure of the Strait of Hormuz would push oil prices significantly higher,” Goldman Sachs analysts warned.

Tariff Volatility Could Cap Oil Gains

While geopolitical risk remains the dominant theme, some downside risk lingers. Former President Donald Trump’s renewed tariff threats may soon weigh on global trade sentiment. Trump announced plans to reimpose tariffs unilaterally on several trade partners in the coming weeks, possibly before the July 9 deadline of his earlier 90-day freeze.

Such trade barriers could dampen global demand and limit the upside in oil prices, despite tight supply concerns.

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