Oil Prices on the Rise

In a significant uptick, crude oil prices climbed more than 1% this Wednesday. This surge comes in the wake of the American Petroleum Institute (API) reporting a notable decrease in U.S. inventories, with a drop of 4.5 million barrels last week. Additionally, the recent dip in oil prices has sparked increased demand across European and Chinese markets.

Geopolitical Factors at Play

The escalation of tensions between India and Pakistan, alongside Israel's recent attack on Yemen in its continued conflict with the Houthis, has further fueled the rise in oil prices. These geopolitical developments are creating a volatile environment for oil markets worldwide.

Market Reactions

West Texas Intermediate (WTI) for June's settlements saw a 1.49% increase, trading at $59.97 per barrel by 3:10 am ET. Similarly, Brent for July deliveries experienced a 1.24% rise, reaching $62.92 per barrel at 3:11 am ET.