Oil prices climb 2.33% as geopolitical risks and a larger-than-expected US stock draw boost investor sentiment.
West Texas Intermediate crude oil surged to $89.40, gaining 2.33% on Wednesday, driven by escalating geopolitical tensions and a deeper-than-anticipated draw in US inventories. The rally reflects renewed investor appetite for oil amid concerns over supply disruptions.
The Energy Information Administration reported a significant decline in US crude stockpiles, exceeding market expectations. Prior sessions had seen muted trading, but recent developments have reignited buying interest in the commodity.
Markets reacted swiftly to the news, with oil futures extending gains as traders priced in heightened risks to global supply chains.