- WTI Gains More Than 4% as Markets Brace for Potential Middle East Supply Disruptions
NEW YORK: Oil prices surged sharply at Tuesday’s settlement, with both major benchmarks gaining around $3 a barrel as growing concerns over crude supplies and continued uncertainty surrounding the reopening of the Strait of Hormuz heightened market tensions.
US West Texas Intermediate (WTI) futures outperformed Brent crude, reflecting increased investor demand for American oil as concerns over potential disruptions to Middle Eastern supplies intensified.
Brent crude futures settled $3.07, or 2.9%, higher at $108.75 a barrel, while US WTI futures climbed $4.44, or 4.38%, to $105.83 a barrel.
Both benchmarks reached their highest settlement levels since May 19, underscoring the renewed sensitivity of global energy markets to developments affecting oil flows through the strategically vital Strait of Hormuz.
The latest gains came as traders continued to assess the potential impact of disruptions in the Middle East on global crude supplies, with uncertainty over the Strait’s reopening adding to concerns about the availability and movement of oil in international markets.
The stronger rise in WTI also highlighted growing interest in US crude as an alternative source amid heightened supply risks elsewhere.
Market participants are expected to closely monitor developments surrounding the Strait of Hormuz, whose status remains a key factor influencing oil prices and broader energy-market sentiment.
BY: The Times Union
