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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.

Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to Disclaimer.

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