**BREAKING: WTI Crude Pulls Back from Four-Month Peak Near $99 Amid Iran Tensions**
West Texas Intermediate crude oil is trading around $99 per barrel Friday morning in Asian sessions after snapping a four-day rally that pushed prices to nearly four-month highs. The pullback comes as traders take profits following the recent surge driven by escalating US-Iran tensions that have rattled global energy markets.
Despite the overnight decline, crude oil remains positioned for potential upside as geopolitical risks continue to mount. The intensifying conflict between Washington and Tehran has sparked serious concerns about sustained disruptions to critical energy supply routes, particularly through the Strait of Hormuz where roughly one-fifth of global oil flows.
Traders across commodities desks are closely monitoring developments in the Middle East as any further escalation could push WTI decisively above the psychological $100 threshold. Energy-linked currencies including the Canadian dollar are showing heightened volatility in response to the crude price swings.
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FXnCO Insight
** Energy traders should maintain tight stop-losses and watch geopolitical headlines closely as volatility around the $100 level is likely to persist through the session.
Source: FXStreet