WTI Reaches Six-Week Highs Near $60.00 On Supply Fears, US Tariffs
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West Texas Intermediate (WTI) oil prices have reached six-week highs near $60.00 per barrel, driven by supply concerns following U.S. tariffs on Iran's trading partners. President Trump announced a 25% tariff on goods from countries doing business with Iran, escalating geopolitical tensions. Additionally, supply issues are exacerbated by adverse weather in Kazakhstan and damage to Russian infrastructure. Exxon Mobil is also considering operations in Venezuela, contingent on legal reforms and investment protections.
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