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WTI crude oil futures climbed more than 3% toward $78 per barrel on Thursday, approaching their highest level since late January, as the conflict in the Middle East continued to disrupt global oil supplies. In response to rising tensions in the Persian Gulf, the Chinese government has ordered its major refiners to suspend diesel and gasoline exports.
Fears of further escalation involving Iran and persistent regional instability are keeping investors wary, especially as shipping through the Strait of Hormuz—a vital global oil transit chokepoint—faces ongoing disruption. Measures aimed at easing market anxiety, including proposals for expanded vessel insurance coverage and naval escorts, have so far done little to restore confidence, and market participants are closely watching for any signs that the conflict could become prolonged.
At the same time, EIA data showed that US crude inventories increased by 3.5 million barrels to 439.3 million, far exceeding expectations and offering a potential buffer against supply shocks.
