Oil prices extended their surge on Thursday as the Strait of Hormuz remained closed, keeping geopolitical supply risk elevated. The move was also supported by EIA data showing declines in U.S. inventories across key refined products, reinforcing a tighter near-term supply backdrop. The combination points to a meaningful upside impulse for crude and refined product markets.
Oil prices extended their surge on Thursday as the Strait of Hormuz remained closed, keeping geopolitical supply risk elevated. The move was also supported by EIA data showing declines in U.S. inventories across key refined products, reinforcing a tighter near-term supply backdrop. The combination points to a meaningful upside impulse for crude and refined product markets.
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mildly positive
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0.35
