Business
Oil Resumes Climb as Middle East Conflict Continues
Crude futures rise to their highest settle level since July 2024 as the armed conflict in the Persian Gulf disrupts supply and raises concerns it will lead to production shut-ins as regional storage facilities fill up.
WTI settles up 8.5% at $81.01 a barrel, its sharpest single-day gain in almost six years. Brent rises 4.9% to $85.41 a barrel.
“With an end to the conflict not in sight, additional crude price strength would appear to lie ahead and should this conflict extend through next week, a WTI advance in the $95 area is certainly within realm of possibility,” Ritterbusch and Associates says in a note.