FX.co ★ Oil Rises to 12-Week High

Crude oil futures for West Texas Intermediate (WTI) climbed almost 3%, reaching $61.16 per barrel on Tuesday, marking a 12-week high. This increase is largely attributed to heightened concerns over supply disruptions due to geopolitical tensions. President Trump's strong stance on Iran has further fueled investor anxiety. Trump announced the suspension of meetings with Iranian officials until ongoing protests cease, declaring that assistance is forthcoming. This development follows the imposition of a 25% tariff on goods associated with Iran, intensifying fears that regional tensions could impact oil supply chains. Additionally, supporting this price surge are disruptions at the Caspian Pipeline Consortium terminal in Kazakhstan, where adverse weather conditions, maintenance issues, and drone strikes have reduced the volume of loadings by nearly half, down to approximately 900,000 barrels per day.