Oil prices stabilize near $90.20 after a 10% weekly gain driven by escalating geopolitical risks in the Middle East.
West Texas Intermediate crude oil trades at $90.20 per barrel in Asian hours, pausing a three-day winning streak but remaining on track for a 10% weekly gain. The rally is fueled by heightened geopolitical tensions in the Middle East, raising concerns over supply disruptions.
Prior to this week, WTI had fluctuated below $85, with market consensus pointing to steady demand and OPEC+ production cuts as key supports. The current surge marks the largest weekly gain since early 2023, outpacing earlier forecasts.
Markets remain cautious as traders assess the potential for further escalation and its impact on global oil flows.