Global crude oil futures surged more than 2.5% on Monday, resuming an upward trajectory as direct military confrontations between the United States and Iran reignited supply disruption concerns across critical Middle Eastern energy corridors.
Global crude oil futures rallied on Thursday, snapping a three-session losing streak to settle around 2% higher as energy markets reinflated geopolitical risk premiums following statements that Washington will not return to previous ceasefire terms with Iran.
Global crude oil futures settled lower on Wednesday following a volatile session, extending the week’s retreat as market participants continued to trim geopolitical risk premiums amid advancing diplomatic negotiations over navigational arrangements in the Strait of Hormuz.