West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $63.60 during the Asian trading hours on Thursday. The WTI price rises to its highest since late September as crude oil inventories drop and geopolitical tensions in Iran escalate. This unexpected decline in crude inventories implies a greater oil demand, supporting the WTI price. Iran responded with a threat to strike back against the US, Israel and those who support them. Heightened geopolitical risk in the Middle East and concerns over supply disruptions from OPEC’s fourth-biggest crude producer could boost the black gold in the near term.