Crude Oil Extends Upward Momentum

2026-03-20 20:20 By Felipe Alarcon 1 min. read

WTI crude oil futures rose toward $98 per barrel as investors monitored the latest escalations in the Middle Eastern conflict.

Markets are now pricing in actual supply destruction as Iraq declared force majeure on all oilfields and drone strikes hit Kuwaiti refineries.

Meanwhile, President Donald Trump rejected a ceasefire in Iran and expressed confidence the Strait of Hormuz would open itself despite the Pentagon deploying thousands of additional Marines amid weighing plans to seize Kharg Island.

Geopolitical risk premiums expanded following drone strikes on refineries in Kuwait and reports of heavy preparations for ground troops.

Markets are now discounting a diplomatic resolution and instead preparing for a prolonged disruption to global energy flows.

Geopolitical risk premiums expanded despite the IEA releasing 400 million barrels from reserves as plunging tanker traffic outweighed emergency inventory measures.

Also US crude stocks at Cushing rose to 27.52 million barrels.



News Stream
Crude Oil Extends Upward Momentum
WTI crude oil futures rose toward $98 per barrel as investors monitored the latest escalations in the Middle Eastern conflict. Markets are now pricing in actual supply destruction as Iraq declared force majeure on all oilfields and drone strikes hit Kuwaiti refineries. Meanwhile, President Donald Trump rejected a ceasefire in Iran and expressed confidence the Strait of Hormuz would open itself despite the Pentagon deploying thousands of additional Marines amid weighing plans to seize Kharg Island. Geopolitical risk premiums expanded following drone strikes on refineries in Kuwait and reports of heavy preparations for ground troops. Markets are now discounting a diplomatic resolution and instead preparing for a prolonged disruption to global energy flows. Geopolitical risk premiums expanded despite the IEA releasing 400 million barrels from reserves as plunging tanker traffic outweighed emergency inventory measures. Also US crude stocks at Cushing rose to 27.52 million barrels.
2026-03-20
WTI Edges Up, Still Set for Weekly Drop
WTI crude oil futures rose to around $97 per barrel as markets remained highly sensitive to any escalation in the Middle East conflict. Iran continued attacks on neighboring countries despite Israel signaling it would avoid targeting energy infrastructure, while both sides exchanged fresh blows, including strikes in Tehran. President Donald Trump downplayed the recent surge in oil prices, saying the situation could have been worse and may end soon. The spread between WTI and Brent widened to about $14 per barrel, leaving Brent on track for weekly gains while WTI is still set to decline, as the International Energy Agency agreed to release 400 million barrels of crude from reserves, with the US set to release 172 million barrels from the SPR. Also, US crude stocks at Cushing, Oklahoma, the delivery and pricing point for West Texas Intermediate crude futures on the New York Mercantile Exchange, rose last week to 27.52 million barrels, their highest since August 2024.
2026-03-20
Oil Slips as Supply Concerns Ease
WTI crude futures fell toward $94 per barrel on Friday after surging above $100 in the previous session, as easing supply concerns helped calm markets. Leaders from the UK, France, Germany, Italy, the Netherlands, Japan, and Canada signaled their willingness to support efforts to ensure safe passage through the Strait of Hormuz. US President Donald Trump also said Washington is not considering deploying ground troops in the region, while Treasury Secretary Scott Bessent suggested Iran’s regime could face internal collapse and indicated the US is exploring lifting sanctions on Iranian oil. Israeli Prime Minister Benjamin Netanyahu also stated that Israel would refrain from further attacks on Iranian energy infrastructure. Despite the pullback, WTI futures remain up about 40% since the start of the conflict, as disruptions have effectively shut the Strait of Hormuz and forced major regional producers to sharply reduce output.
2026-03-20