Oil Prices Spike Most In 5 Months As US-Iran Tensions Soar
WTI and Brent prices spiked overnight on the headlines about a US drone being shot down by Iran, and just legged higher once again following Trump’s tweet warning that “Iran made a very big mistake.”
“Geopolitics is helping oil bulls to make a spectacular come-back after a few days’ of directionless trading,” said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London.
WTI now trades at its highest since May.
Not Enough Proof to Blame Iran for Oil Tanker Attack: Energy Aspects