Middle East Supply Disruptions Send WTI Prices Slipping

WTI crude oil prices slipped to near $100.50 per barrel in Asian hours on Wednesday, despite two consecutive days of gains.

The drop comes as supply disruptions continue across the Middle East, with Saudi Arabia canceling September deliveries to European customers due to an emergency shutdown of its East-West pipeline following drone attacks.

Libya's national oil company also suspended operations at two major oilfields and a pumping station due to ongoing local protests.

TD Securities notes that the risk backdrop for energy prices remains skewed to the upside, with elevated upside risks tied to infrastructure attacks in the Middle East and Russia.