Crude oil

WTI crude oil futures rose toward $71 per barrel on Thursday, rising for the third session, driven by concerns over potential supply risks amid the escalating Middle East conflict. 

Earlier this week, Iran launched a missile attack on Israel, which has vowed to retaliate, heightening fears of possible disruptions to oil production facilities or supply routes in Iran. The region produces around a third of the world’s oil supply. Meanwhile, EIA data showed a 3.89 million barrel increase in crude inventories, while gasoline demand fell to a six-month low, easing worries about supply shortages. Additionally, there are signs of ample supply, as OPEC+ plans to restore some of its previously halted capacity, with increases set to begin in December after a two-month delay, suggesting no immediate threat to global oil availability.