WTI Crude Oil futures hit new high amid supply concerns.

WTI Crude Oil futures gapped higher to reach a new all-time high of $104.95 before pulling back to settle up 1.38%. Market gains followed the shutdown of Saudi Arabia's East-West pipeline after drone attacks, closing off its primary export route around the Strait of Hormuz. Analysts suggest an extended closure could remove up to 4% of global supply, while the Red Sea port of Yanbu holds only five to seven days of crude inventory. Meanwhile, Oman postponed scheduled regional talks regarding the strait, sustaining supply concerns across energy markets.