West Texas Intermediate (WTI) crude oil prices edged higher on Monday after opening with a bullish gap, settling around $90.50 per barrel during Asian trading hours. The increase followed Iran’s launch of multiple missile volleys targeting Israel, which heightened market volatility amid concerns over potential military escalation. Despite Israel’s military reports of intercepting all incoming missiles without casualties, the geopolitical tensions significantly impacted energy markets.
The situation worsened on Sunday when Israel conducted additional airstrikes on Lebanon despite an existing truce, undermining hopes for a swift resolution to the regional conflict and delaying the expected resumption of oil flows through the vital Strait of Hormuz. This conflict has further strained energy supplies, contributing to sustained high oil prices. The OPEC+ group of oil-producing nations has also approved increased production quotas for July, raising output by 188,000 barrels per day. However, market analysts anticipate limited impact on global supply due to the ongoing closure of the Strait of Hormuz, which has already restricted vital Persian Gulf crude exports. Additionally, Russia’s oil production capacity has been significantly reduced by recent attacks on its infrastructure.
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