West Texas Intermediary (WTI) Crude Oil barrel prices saw an plunge from the day's highs, knocking into a new low for the week at $81.45 before seeing
WTI prices slumped into a new low for the day following the broad-market risk-off flows after US CPI beat forecasts. Fears of inflation-fueled Fed rate hikes sent investors scrambling, but Crude Oil traders are determined to recover the day. Despite pinging a new low for the week, Crude Oil continues to see support from geopolitical tensions and supply concerns. a steady recovery, and barely bids are now testing into Thursday's midpoint.
The price cap was started in December of 2002 as a repercussion for the invasion of Ukraine, locking US trade entities from accessing Russian oil markets. Oil market sentiment remains pinned in the high end after last weekend's Gaza Strip conflict escalation, and investors are concerned that geopolitical tensions could spill over into nearby Iran and Saudi Arabia as Israel and Palestinian Hamas rapidly escalate their long-standing war over the Gaza Strip.
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