InfoQuest – West Texas Intermediate (WTI) crude oil futures in New York closed positive on Wednesday (June 26), buoyed by speculation that the war is likely to extend beyond Gaza. This may affect oil supplies in the Middle East.
The WTI contract is scheduled for delivery in August. It rose 7 cents, or 0.09%, to close at $80.90 a barrel.
The Brent crude oil (BRENT) contract will be delivered in August. The price of oil rose by 24 cents, or 0.28%, to close at $85.25 per barrel.
Initially, oil prices fell. After the US Energy Information Administration revealed that weekly US crude oil inventories rose by 3.6 million barrels, contrary to analysts’ expectations of a decrease of 2.9 million barrels, and gasoline inventories rose by 2.7 million barrels, contrary to analysts’ expectations of a decrease of 1 million barrels.
But oil prices later rebounded and the market closed in positive territory. After investors speculated that the tense situation between Israel and Hezbollah, the Lebanese armed group, could lead to all-out war on both sides. It may spread to influential countries in the Middle East, and this includes Iran, a major oil producer.
The Turkish President said: Türkiye will stand by Lebanon. In addition to calling for support from other countries in the region
In addition, oil prices received support from reports that the Houthis are attacking commercial ships in the Red Sea. The Houthis have sent several drones to target ships in the Israeli port of Haifa. In cooperation with the Islamic Resistance Movement in Iraq
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