WTI and Brent crude climb over 5% to multi-month highs as Middle East tensions escalate, absorbing dips without retracement.
Crude oil benchmarks extended gains into North American trading, with WTI rising nearly 6% to above $91.00 and Brent advancing 5% toward $95.00. The rally marks a return to early June levels, driven by persistent geopolitical risks rather than fleeting headlines.
The move contrasts with July’s pattern, where war-related news triggered short-lived spikes. Today’s advance has been unidirectional, with futures leading spot prices and dips quickly absorbed, signaling a structural repricing of risk.
Escalation in the Middle East underpinned the rally, as Iranian officials threatened retaliation for potential strikes, while Houthi forces targeted Saudi tankers in the Red Sea, adding pressure on key shipping routes.