August WTI settled at $71.84 after surging $3.38 as traders priced in heightened Middle East shipping risks.
August WTI crude oil rose $3.38, or 4.94%, to $71.84 on Thursday, driven by escalating concerns over oil shipments through the Strait of Hormuz. The contract fluctuated between a low of $67.82 and a high of $76.08 before paring gains late in the session.
The rally followed renewed geopolitical tensions in the Middle East, prompting traders to add a risk premium to crude prices. Prior to the week’s advance, WTI had traded near $68, reflecting subdued volatility before supply disruptions emerged as a key catalyst.
No immediate market reaction data was provided, though the price movement underscored sensitivity to regional supply risks.