FX.co ★ Oil Extends Gains for 5th Session

WTI crude oil futures climbed to approximately $61.90 per barrel on Wednesday, marking the fifth consecutive session of gains and achieving the highest price level since early October. This surge was driven by heightened geopolitical risks in the Middle East. The market reacted to escalating unrest in Iran and the potential for increased US involvement, following reports that some American personnel were advised to vacate an air base in Qatar previously targeted by Iran. President Trump expressed support for the ongoing protests in Iran and indicated that future US actions would hinge on developments within the country. Options are reportedly being prepared by national security officials. The instability has sparked concerns about potential disruptions to Iran’s crude oil production of around 3.3 million barrels per day, which could tighten global supply. These apprehensions have outweighed bearish signals from industry data, which showed a 5.3 million-barrel increase in US crude inventories, along with rises in gasoline and distillate stocks.