Oil prices climb 2.5% as Middle East risks escalate and US inventories decline sharply, tightening supply.
West Texas Intermediate crude oil rallied toward $94.00, gaining 2.52% as geopolitical tensions in the Middle East intensified. Iran-related risks in the Gulf region heightened supply concerns, driving prices higher.
The move follows a sharper-than-expected drawdown in US crude inventories, signaling tightening supply. Analysts had anticipated a modest decline, but data pointed to a more significant reduction, adding upward pressure on prices.
Markets remain focused on supply risks amid ongoing geopolitical uncertainty and inventory trends.