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macroJul 23, 2026, 2:44 PM

WTI crude oil surges over 5% amid Middle East supply fears

West Texas Intermediate crude oil rallied more than 5% on Thursday, reaching around $90.35 per barrel, its highest level since June, as rising tensions in the Middle East deepen supply risks.

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West Texas Intermediate (WTI) crude oil prices surged more than 5% during Thursday's trading session, climbing to approximately $90.35 per barrel. This marks the highest price point for the benchmark since June this year.

The sharp rally is driven by escalating geopolitical tensions in the Middle East, which are amplifying concerns over potential disruptions to global crude supplies. Traders are pricing in heightened risk premiums as the situation remains volatile.

At the time of writing, WTI holds near its session highs, reflecting persistent upside pressure from supply-side fears. Market participants continue to monitor developments in the region for further cues.

Source: FXStreet Forex News