WTI Crude Oil Steady Amid Supply Disruption Fears

Reuters – On Tuesday, WTI crude oil futures maintained a steady level of around $73 per barrel, following a 1.5% increase in the previous session. This stability is mainly due to concerns over potential supply interruptions, as Houthi rebels in Yemen have intensified their attacks on vessels in the Red Sea. These attacks have led significant shipping companies, including BP and Frontline, to reroute their vessels to avoid the troubled waterway, impacting oil transportation.

Additionally, Iran’s Oil Minister Javad Owji announced on Monday that a cyberattack, allegedly orchestrated by Israel, significantly disrupted fuel distribution across the country. In a separate development, U.S. officials stated on Monday their intention to demand greater transparency from shipping companies regarding their transactions with Russian oil as part of ongoing sanction enforcement efforts.

WTI Crude Oil – 4H Chart