Oil Prices Extend Rally as Brent Holds Above $100 and WTI Nears Triple Digits
Oil prices have extended their rally, with Brent crude holding above $100 and WTI approaching triple digits. The U.S.-Iran conflict remains a major concern for the market, with attacks on Gulf shipping continuing to disrupt oil flows through the Strait of Hormuz.
The current price of WTI is approximately $97.49 per barrel, up 1.50% from Wednesday's official settlement. Brent crude is trading at around $102.37 per barrel, a gain of 1.15% from Wednesday's settlement.
Stronger Chinese crude buying has tightened an already constrained physical market, while reduced Gulf exports and shrinking inventories have created a bullish fundamental backdrop.
The next major threshold for WTI is now $100, while Brent's ability to remain above $100 will be closely watched as an indication of whether the current geopolitical premium is becoming structurally embedded in crude prices.