WTI crude tops $88.50, up 9% this week, amid escalating regional conflicts and supply concerns flagged by Deutsche Bank.
Oil prices extended gains Thursday as Middle East tensions escalated, with WTI trading above $88.50, a near 9% weekly rise. Brent crude climbed to $95.94, up 1.96% in early trading, following a 3.36% jump Wednesday.
Deutsche Bank analysts cited mounting supply risks as a key driver, noting the recent surge in commodity prices. The ECB’s monetary policy announcement later today adds to market focus, alongside US jobless claims data.
Geopolitical risks intensified after US strikes near Iran’s border and reports of attacks on oil tankers in the Strait of Hormuz and Red Sea.