West Texas Intermediate Jumps 3.13% to $98 Amid Middle East Supply Concerns
West Texas Intermediate crude rose 3.13% to $98.07 a barrel, and Brent crude climbed 0.14% to $106.21, as investors evaluated supply concerns in the Middle East.
West Texas Intermediate crude rose 3.13% to $98.07 a barrel, and Brent crude climbed 0.14% to $106.21, as investors assessed supply risks in the Middle East, according to CNBC.
The surge came as traders monitored the Houthi campaign targeting Saudi oil infrastructure, developments that heighten fears of potential supply disruptions in one of the world's most critical energy regions.
Citi raised its Brent price forecast and warned that continued navigation disruptions in the Strait of Hormuz could push prices to $150 a barrel.
Oil is swinging between supply concerns pushing prices higher and signs of weakening demand pressuring them downward, leaving the market direction dependent on evolving security conditions in the region.
What do these terms mean?
West Texas Intermediate: The U.S. benchmark crude traded on the New York Mercantile Exchange, serving as a reference for North American oil pricing.
Brent Crude: One of the main global benchmarks for crude oil pricing, used to price many crudes worldwide.
Strait of Hormuz: A narrow waterway through which a significant portion of global oil exports passes, where any disruption raises energy prices.
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