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Oil gains over 3 percent on supply fears
Oil prices rose by more than 3.7% amid fears of escalating tensions in the Middle East, which could lead to further supply disruptions. Brent crude reached $109.86 per barrel, the highest level since May 2026, and West Texas Intermediate (WTI) oil hit $101.41, the highest since September 2026. Additionally, the International Energy Agency issued a report indicating that over 20 million barrels of fuel have been released into the markets, while the U.S. Department of Energy announced a plan to swap up to 17 million barrels of oil from the Strategic Petroleum Reserve. The surge in oil prices is driven by concerns over the impact of regional tensions on supplies, with expectations that prices will continue to rise amid potential reserves and supplies from Russia.
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