Oil Prices Rise on Strong US Economic Growth

Crude oil prices experienced a significant increase, climbing more than 1% this Wednesday. This surge was primarily fueled by the latest report highlighting the United States' gross domestic product (GDP) growth of 3% on an annual basis in the second quarter. Such growth has ignited optimism regarding the potential for increased demand in the near future.

Global Tensions Add to Oil Price Volatility

Investors are also closely monitoring the ongoing conflict between Russia and Ukraine, alongside the possibility of new US sanctions against Moscow. These geopolitical tensions were further emphasized after US President Donald Trump announced a shortened deadline for Russia, now set at just ten days.

Market Reactions

West Texas Intermediate (WTI) for September's settlements saw a 1.31% increase, reaching $70.02 per barrel at 2:11 pm ET. Similarly, Brent for the same month's deliveries gained 1.06%, trading at $7324 a barrel shortly after.