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WTI Crude Oil futures reversed early weakness to finish higher for a fourth consecutive session, gaining 8.5% from their early October lows. The rally came despite a bearish monthly report from OPEC, which highlighted a projected contraction in Chinese demand and a substantial 2 million barrel-per-day increase in Septe
WTI crude rose 2.9% to $90.86 a barrel and Brent climbed 3.2% to $103.38. The move was tied to escalating fighting in the Middle East and concern over renewed strikes on Iran and Gulf supply risks.
Brent crude rose 4.1% to $104.28 a barrel and WTI gained 3.6% to $91.49 as traders weighed U.S.-Iran tensions, elevated Persian Gulf shipping risks and Gulf of Mexico production shut-ins ahead of Hurricane Isaias.
WTI and Brent crude were higher after earlier gains, with prices supported by Middle East conflict concerns and Hurricane Isaias-related production shutdowns. The market also cited expectations of additional reserve releases and gradual supply increases.
Market Talk items say utilities remain well placed to benefit from AI-related electricity demand, while oil futures rose in early U.S. trading amid Middle East tensions and a storm watch for the U.S. Gulf coast.
U.S. stock futures are mixed ahead of Friday’s retail sales, inventories and consumer-sentiment data, while traders also weigh escalating Middle East tensions and higher oil prices.