WTI  takes a dive despite Israel-Gaza tensions, as Saudi Arabia vows market stability

Share:

• WTI crude drops to $85.97, despite earlier surge amidst Israel-Hamas conflict concerns.
• Saudi Arabia’s commitment to market stability and potential intervention tempers price spikes.
• Global inflation data and production choices from Russia and the US add layers to price influences.

West Texas Intermediate (WTI), the US crude Oil benchmark, tumbled more than 1.80% on Wednesday, as Saudi Arabia pledged to stabilize the market amid fears the conflict in the Middle East would disrupt supplies. Therefore, WTI is trading at $85.97, after hitting a daily high of $88.20 per barrel.