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WTI Crude Climbs Above $99 on Iran-US Tensions, Supply Loss Hits 100M Barrels Weekly

GateNews

2026-05-13 03:16:32

According to Saudi Aramco CEO Amin Nasser, WTI crude futures climbed above $99 per barrel on Tuesday as geopolitical tensions escalated over Strait of Hormuz closure risks. President Trump rejected Iran’s latest peace proposal, citing concerns that the ceasefire agreement is “in jeopardy,” intensifying worries about prolonged disruptions to the critical shipping corridor. Nasser warned that the market is losing approximately 100 million barrels of oil supply weekly, adding that extended supply interruptions could delay market normalization until next year.

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