WTI Climbs to $91.01/Bbl Amid Ongoing Middle East Tensions

The crude oil market continued its upward trend on Wednesday, with WTI settling at $91.01/bbl, up $0.79 from the previous day.

This move is attributed to ongoing tensions in the Middle East, particularly between the US and Iran, which have been escalating in recent days.

On Tuesday, both sides launched strikes against each other, leading to a surge in oil prices. However, despite the continued rhetoric from both sides, the market has shown resilience, with prices stabilizing on Wednesday.

The EIA data released on Wednesday also contributed to the upward trend, showing a larger-than-expected draw in crude stocks. Weekly production rose by 19k barrels to 13.862mln, and the market's muted response to this news suggests that it is factoring in mid-cycle reads.