October WTI crude oil closed at $102.78, up $6.43 (+6.69%) on Thursday, marking a 3.5-month high. October RBOB gasoline also increased, closing at $3.39, up $0.1826 (+5.69%). Concerns surrounding the U.S.-Iran conflict have intensified fears of reduced energy exports from the Middle East, tightening global oil supplies.
The latest EIA report indicated a decrease in U.S. crude inventories by 391,000 barrels, less than expected, while U.S. crude production rose to a record 13.947 million barrels per day. OPEC reported its lowest crude production since 1990 at 6.238 million barrels per day in August. Analysts estimate that Middle Eastern crude exports have plummeted by approximately 2 million barrels per day due to ongoing regional tensions.
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