Crude Oil Settles Higher at $94.14 Amid Escalating Middle East Tensions

Key Facts

1Crude oil futures settled at $94.14, up $0.40 or 0.43%.

2Iran's IRGC navy commander threatened to sink American ships approaching the Strait of Hormuz.

3The Saudi-led coalition struck an oil facility in Sanaa used by the Houthis to support attacks.

Crude oil futures settled at $94.14, rising by $0.40 or 0.43%. According to investinglive.com, prices were supported by heightened geopolitical risks as the IRGC navy commander threatened to sink American vessels near the Strait of Hormuz, while the Saudi-led coalition struck an oil facility in Sanaa used by Houthi forces to facilitate attacks.

Prices maintained upward momentum as supply concerns persisted, with crude hitting a session low of $91.70 before rebounding. The market reaction follows reports of discussions between Israeli Prime Minister Benjamin Netanyahu and President Donald Trump regarding potential military action against Iran, maintaining a risk premium in energy markets even as the settlement remained below the previous day's high.