11.09.202501:32:40UTC+00Oil Holds 3-Day Gain

WTI crude oil futures remained steady around $63.7 per barrel on Thursday, maintaining a three-day upward trend due to increasing geopolitical tensions that have heightened fears of potential supply disruptions. Market participants were closely monitoring President Trump's latest commentary on Russia, especially after he raised concerns over Russia’s violation of Polish airspace, which has led to speculation about potential US retaliation through stricter energy sanctions. This development follows his recent pressure on the European Union to apply tariffs on China and India—significant purchasers of Russian oil—as a strategy to urge Moscow towards negotiations. Adding to the risk premium were escalating tensions in the Middle East, highlighted by Israel's declaration of targeting Hamas leaders in Doha. Concurrently, anticipations of a potential dovish shift in US monetary policy might provide additional support to prices, as such a shift is usually associated with increased economic growth and demand. On the supply side, government reports revealed a rise in crude oil inventories by 3.9 million barrels, significantly surpassing expectations, indicating softer summer demand and ongoing supply challenges.