West Texas Intermediate (WTI), futures on NYMEX, drop slightly to the crucial support of $85.00 in the European session on Wednesday.
Oil prices edge down to $85 as Fed Powell’s hawkish guidance cast doubts over global demand outlook. The US warns to levy fresh sanctions on Iran in response to its attack on Israel. Worsening geopolitical tensions will firm the oil price outlook. West Texas Intermediate , futures on NYMEX, drop slightly to the crucial support of $85.00 in the European session on Wednesday.
After aiming hundreds of drones and missiles on Israel, Tehran said, “the matter deemed to be closed.” However, should the Israeli regime make another mistake, Iran’s response will be considerably more severe, Wall Street Journal reported. The spread of war situation beyond Gaza will disrupt the Oil supply chain. Iran is the third largest Oil exporting member of the OPEC and his involvement in war with Israel will significantly fluctuate global Oil prices.
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