FX.co ★ Oil Extends Gains

WTI crude oil futures climbed toward $65 per barrel on Thursday, extending earlier gains and trading near a five-month high as markets remained fixated on US-Iran tensions. While President Donald Trump indicated he is seeking a deal with Tehran after regional talks with Israeli Prime Minister Benjamin Netanyahu, traders remain concerned about the prospect of military escalation and potential supply disruptions. On the other hand, further price advances were capped after EIA data showed US crude inventories jumped by 8.5 million barrels last week, reaching their highest level since late June. Meanwhile, OPEC left its oil demand growth forecasts for 2026 and 2027 unchanged at 1.38 million bpd and 1.34 million bpd, respectively, and maintained its outlook for non-OPEC supply. Later today, the IEA will publish its monthly report, which may once again underscore the risk of a global surplus.