WTI rises to near $105.00 as Trump maintains Iran naval blockade
Finance WTI rises to near $105.00 as Trump maintains Iran naval blockade West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $104.90 during the early Asian trading hours on Thursday. The WTI price climbs amid an escalating naval blockade of Iranian ports and the United Arab Emirates (UAE) shock withdrawal from the Organization of the Petroleum Exporting Countries (OPEC). US President Donald Trump said on Wednesday that he will continue the naval blockade of Iran until he secures a deal with Tehran to address the countrys nuclear program, per Bloomberg. Trump rejected proposals to reopen the vital waterway, declaring the economic strangulation more effective than military bombardment. Iran warned on Wednesday of “unprecedented military action” against continued US blockading of Iran-linked vessels. Trump said Iran cannot have a nuclear weapon, while Tehran stated its nuclear ambitions are peaceful. Ongoing tensions between the US and Iran continue to boost the WTI price. The UAE will exit OPEC on May 1, dealing a blow to the oil-producing group as an unprecedented energy crisis, caused by the Iran war, exposes discord among Gulf nations. The announcement on Tuesday came after the UAE was the target of missile and drone attacks for weeks by fellow OPEC