Crude Oil WTI is up by 4.01%

WTI crude oil futures jumped more than 3% toward $78 per barrel on Thursday, nearing their highest level since late January, as the Middle East conflict disrupts global oil supplies. China’s government has ordered its major refiners to halt diesel and gasoline exports amid rising tensions in the Persian Gulf. Concerns over further escalation around Iran and ongoing regional instability have kept investors on edge, while shipping through the Strait of Hormuz, a critical chokepoint, has been disrupted. Efforts to ease market worries, including proposals for vessel insurance and naval escorts, have so far failed to calm investors, who are closely monitoring developments for signs of a prolonged conflict. Meanwhile, EIA data showed US crude inventories rose by 3.5 million barrels to 439.3 million, well above expectations, providing a buffer against potential supply shocks.

Crude Oil WTI increased 4.01% to 77.651 USD/Bbl

WTI crude futures climbed more than 3% to around $77 per barrel on Thursday, extending this week’s advance as hostilities between the US and Iran escalated after a US submarine reportedly sank an Iranian warship off the coast of Sri Lanka. US Defense Secretary Pete Hegseth described the strike as the “first such attack on an enemy since World War II.” The broader US-Israeli campaign against Iran has now entered its sixth day, keeping markets on edge for further escalation and the risk of a drawn-out conflict. The crisis has effectively halted commercial shipping through the Strait of Hormuz, after the IRGC warned it would “set ablaze” any vessel attempting transit. In an effort to limit a wider energy shock, President Donald Trump offerd risk insurance and naval escorts for commercial vessels transiting the Persian Gulf, while Treasury Secretary Scott Bessent outlined additional measures aimed at stabilizing Gulf markets.