WTI ADVANCES ON MIDDLE EAST ESCALATION, US PRODUCTION CONTRACTION
- WTI crude rises 0.25% above $76.50 amid Israel-Hamas conflict escalation and US production changes.
- Increased geopolitical tensions from Israeli military actions in Gaza and ceasefire rejections impact oil prices.
- US refining shutdowns due to various factors lead to higher gasoline and diesel prices, affecting crude market.
West Texas Intermediate (WTI), the US crude oil benchmark, rises 0.25% late in the North American session as the Israel-Hamas conflict escalates with Israel rejecting a ceasefire offer. That, along with diminished production in oil refined products, sponsored WTI's advance, as it trades at $76.54 per barrel.
Oil prices climb as Israel-Hamas conflict intensifies, US refining cuts impact supply
Israeli military continued their offensive on the Gaza Strip on Friday, sparking a jump in oil prices of around 3% in the previous day. Additionally, refining plants in the US were shut down, which boosted the prices of Gasoline and Diesel.
Ukraine’s attacks against two oil refineries in Southern Russia, and the latter exporting more crude oil in February than planned with the OPEC , was a tailwind for WTI price.
In the meantime, the US Treasury Department sanctioned three companies based in the United Arab Emirates (UAE) and one ship registered by Liberia for violating a cap placed on the price of Russian oil by a coalition of Western nations.
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