WTI futures jump to $90.60 on Middle East supply fears
October WTI Crude Oil futures rallied to $90.60 per barrel, highest since July 24, as Middle East tensions around the Strait of Hormuz and strikes on Russian refineries added supply risk premium.
October WTI Crude Oil futures rallied to $90.60 per barrel, marking their highest level since July 24 as Middle East geopolitical tensions escalated.
Renewed conflict around the Strait of Hormuz, alongside strikes on Russian refineries, introduced significant supply risk premiums to the energy market.
Furthermore, U.S.
ISM manufacturing data showed the prices paid index remaining elevated at 71.1, driven in part by higher petroleum product costs.
Stronger refining margins and reduced global refining capacity continue to support demand for crude oil.