Global Oil Prices Climb Again Amid Middle East Tensions and Shrinking US Stockpiles
Crude oil benchmarks resumed their upward momentum during trading, driven by persistent geopolitical friction in the Middle East and indications of tightening American reserves.
Crude oil benchmarks resumed their upward momentum during trading, driven by persistent geopolitical friction in the Middle East and indications of tightening American reserves.
Brent Crude: December futures rose by $1.41 (1.3%) to hit $110.20 per barrel on London’s ICE Futures exchange.
WTI: Contracts on the New York Mercantile Exchange (NYMEX) climbed $1.14 (1.17%), reaching $98.96 per barrel.
Azeri Light: Gained $1.15 (0.97%) to stand at $119.68 per barrel globally, while trades on an FOB basis out of the Turkish port of Ceyhan advanced $1.54 (1.43%) to $109.21.
The uptick follows a temporary pullback when markets reacted to hopes of diplomatic de-escalation between Washington and Tehran after high-level regional talks. However, supply anxiety quickly reclaimed the spotlight: American Petroleum Institute (API) estimates indicated a substantial drop of roughly 4.93 million barrels in US crude inventories, keeping traders on edge ahead of official data from the US Department of Energy.