Global Oil Prices Climb Again Amid Middle East Tensions and Shrinking US Stockpiles
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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.