WTI rises above $95.00 as Iran's attacks on facilities fuel supply fears
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WTI price jumps to near $95.00 in Wednesday’s early Asian session.
Iran attacks production facilities, supporting the WTI price.
US crude oil stockpiles rose by 6.6 million barrels, exceeding the forecast.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $95.00 during the early Asian trading hours on Wednesday. The WTI price climbs amid intensifying Middle East conflict and severe supply disruptions. Traders brace for the release of the US Energy Information Administration (EIA) report, which will be published later on Wednesday.
Iran carried out attacks on production facilities in the United Arab Emirates (UAE) and Iraq on Tuesday. The Guardian said this is the first time since the start of the war with the US and Israel that Iran has successfully targeted oil and gas production facilities rather than just refineries, terminals and storage.
Additionally, the Israeli military said Iran's top security official, Ali Larijani, and the head of the paramilitary Basij force, Gholamreza Soleimani, have been killed in Israeli air strikes. This raises fears of further retaliation and deeper supply cuts, which could boost the WTI price in the near term.
On the other hand, a significant surge in U.S. crude oil inventories might cap the upside for the WTI. According to the American Petroleum Institute (API) weekly report, crude oil stockpiles in the US for the week ending March 13 climbed by 6.6 million barrels, compared to a fall of 1.7 million barrels in the previous week. The market consensus was for a decline of 600,000 barrels.
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