Breaking
WTI Par es Most of Its Spike as Dispute Over Iran Claim on US Warship Tempers Rally
Summary
- West Texas Intermediate (WTI) was trading at $104.6 a barrel, with gains narrowing to about 2.5%%.
- Oil gave back most of the sharp gains recorded after Iran's claim that a US warship had been hit, highlighting increased market volatility.
- The rally partly cooled as uncertainty over whether a military clash occurred eased, though short-term volatility may persist.
International oil prices pared gains on May 4, giving back most of the surge that followed Iran's claim that a US warship had been hit. Conflicting accounts of the incident added to market volatility.
Odaily reported on May 4 that West Texas Intermediate (WTI) was trading at $104.6 a barrel, with gains narrowing to about 2.5%. That left crude close to erasing most of the advance triggered by Iran's claim.
Iran had earlier claimed that a US warship near the Strait of Hormuz was struck by a missile, but the US denied it. Some later reports said the incident may have amounted only to warning fire, underscoring the gap between the two sides' accounts.
The market appears to have cooled as uncertainty over whether a direct military clash occurred eased. Still, analysts say short-term volatility could persist as tensions in the Middle East remain elevated.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
