Crude oil prices eased in early trading on Tuesday, September 15, after surging to their highest levels in months as escalating Middle East tensions and concerns over supply disruptions pushed both major benchmarks above $100.
West Texas Intermediate (WTI) crude was trading at $101.70 a barrel, down $2.80, or 2.68%, from Monday’s $104.50 close while Brent crude, the international benchmark, stood at $105.70 a barrel, down $3.80, or 3.47%, from the previous day’s $109.50.
Despite the pullback, both benchmarks remain significantly higher than where they traded at the beginning of last week as WTI was trading around $92–93 a barrel on September 7 and 8, while Brent was near $97.
The subsequent rally accelerated on Thursday, September 10, when WTI jumped more than 6% to settle at $102.48 and Brent surged more than 6% to $107.63.
Tuesday’s decline therefore represents a partial retracement after the sharp gains recorded over the previous sessions rather than a reversal of the broader price surge.
The market remains focused on developments around the Strait of Hormuz and the potential impact of continued attacks and regional tensions on crude production, transportation and exports.
Any prolonged disruption to one of the world’s most important oil-shipping routes could keep prices elevated, while a de-escalation or restoration of affected supply routes could ease some of the geopolitical premium currently reflected in crude prices.
