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Oil prices climbed to their highest level since July on Tuesday, extending earlier gains after the United States carried out new military strikes against Iran.
WTI, short for West Texas Intermediate and the standard benchmark for American crude, is the price measure that reached that mark as hostilities in the Middle East deepened.
"Extended gains" tells you the market was already moving higher before Tuesday's attacks added to it. strike against Iran was enough to push prices further, landing WTI at a point last seen in midsummer.
WTI is a specific grade of crude oil, light and low in sulfur, produced mainly in the United States.
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