FX.co ★ WTI Rebounds After 4-Day Slide on Middle East Concerns

WTI crude oil futures experienced a 0.7% increase, concluding at $60.90 per barrel on Friday. This marks a slight recovery following four consecutive days of losses, although the week ended with a 7% decline overall. The increase in prices came in the wake of a stern warning from U.S. President Donald Trump, who threatened severe repercussions if Hamas disregards his proposal to cease hostilities in Gaza. This development stole the spotlight from an upcoming OPEC+ decision regarding crude oil supplies. Prices briefly reached as high as $61 per barrel after hitting a five-month low, amid worries that an expanded conflict might interfere with oil flow from the Middle East, which constitutes about one-third of the global oil supply. Additionally, Ukraine's reported assault on the Orsk refinery in Russia maintained traders' attention on Russian energy distributions amidst ongoing infrastructure strikes. Despite these geopolitical concerns, oil prices have been declining over the past four days, partly due to expectations of accelerated supply increases by OPEC+. Alongside this, rising output from the group and the looming threat of a U.S. government shutdown continue to exert downward pressure on the market, overshadowing short-term geopolitical tensions.