10.09.202501:06:39UTC+00Oil Rises on Middle East Tensions

WTI crude oil futures surged beyond $63 per barrel on Wednesday, marking a third consecutive day of gains. This upward momentum stems from apprehensions over potential supply interruptions due to escalating tensions in the Middle East. The Israeli military announced strikes against Hamas leadership in Doha, Qatar, which signifies an intensification of its ongoing operations across the region. This action closely followed Israel's announcement of its preparation to target Gaza City. Geopolitical unrest contributed to the market's bullish sentiment, further amplified by OPEC+'s modest production increase for October, which was notably smaller compared to previous months' increments. Concurrently, it has been reported that US President Donald Trump has advised the EU to impose a 100% tariff on goods from China and India in an effort to apply pressure on Russian President Vladimir Putin. The US has hinted at potentially adopting similar measures. Additionally, industry data revealed that US crude oil inventories increased by 1.3 million barrels last week, following a 0.6 million-barrel rise the preceding week.