Middle East Supply Risks Support WTI Prices at Multi-Month Highs

WTI crude oil prices are holding steady around $103 per barrel on September 15, remaining close to multi-month highs despite uneven momentum. The recent sharp rise in prices has been driven by growing concerns over Middle East supply risks.

The market is now pricing in not one, but several risks to Middle East supply, which is supporting current prices. However, U.S. data does not confirm the same level of tightness inside the country. In the week ending September 4, commercial crude inventories fell by only 391,000 barrels to 424.1 million, while Cushing stocks declined by 684,000 barrels to 21.8 million.