WTI Crude Climbs Back Above $90 a Barrel as Middle East Tensions Escalate

Escalating tensions in the Middle East pushed U.S. West Texas Intermediate crude futures back above $90 a barrel.

TradingView data showed on July 23 that WTI futures rose more than 4% from the previous session to top $90 a barrel.

Brent crude futures, the global benchmark, had already moved above $90 on July 19. It was the first time since mid-June that Brent traded above $90 a barrel.

The rally in international oil prices comes as strains in the Middle East deepen. The Wall Street Journal reported on July 22 that the U.S. military is bolstering its presence in the region with fighter jets, missiles and medical personnel. The reinforcement followed the deaths of four U.S. troops in the Middle East.

President Donald Trump recently warned that Iran would pay several times over whenever U.S. troops were killed. He also said the U.S. would strike Pickaxe Mountain very hard soon, referring to a site believed to house Iran's underground nuclear facilities.