Oil Prices Surge Amidst Iraq's Output Cuts

Crude oil prices experienced a significant increase of more than 1% this Thursday. This surge comes in the wake of Iraq's announcement that recent attacks in the northern Kurdish region have forced several oil facilities to shut down, drastically reducing the country's oil output.

US Economic Reports Fuel Investor Confidence

Adding to the momentum, positive economic indicators from the United States have bolstered investor optimism. Notably, retail sales saw a 0.6% rise in June, and homebuilder confidence made a notable recovery in July after a two-month decline. These developments hint at a potential uptick in energy demand, further energizing the market.

Market Reactions

By late morning ET, West Texas Intermediate (WTI) for August deliveries had climbed 1.61%, reaching $67.43 per barrel. Similarly, Brent for September settlements rose by 1.23%, trading at $69.30 per barrel.