WTI retests $100 as the winning streak extends alongside Middle East war

West Texas Intermediate (WTI) – the US oil benchmark – witnesses a fresh leg higher in early dealings on Monday, extending its winning streak into a fourth consecutive trading day.

The relentless surge in the black gold this Monday is mainly due to a potential threat to Red Sea shipping by Yemen’s Iran-sponsored militant group, Houthis.

Houthis launched their first attacks on Israel since the start of the conflict on Saturday, in a geographical expansion of the Middle East war, which began on February 28 after the US-Israel struck Iran.

The looming risks to global trade through the Red Sea combined with the existing blockage to the Strait of Hormuz, intensify concerns over energy supply disruptions, driving the oil price rally.

WTI tops $100 per barrel once again, looking for another attempt toward the three-year high of $113.28.

All eyes now remain on any further attacks by Houthis on Israel, a probable US ground military operation into Iran and peace talks between the US and Iran for fresh trading impetus in oil prices.