Oil prices hit nearly $110 per barrel on Thursday for the first time since July, with no end in sight for the Middle East conflict. The IRGC announced on Wednesday that it had attacked and heavily damaged eight oil tankers and two U.S. Navy destroyers in the Strait of Hormuz, in retaliation after the U.S. military destroyed five IRGC-linked oil tankers in the Gulf of Oman on Tuesday night.
CENTCOM has, however, denied the IRGC claims. Hopes for a quick resolution to the war have also faded after U.S. President Donald Trump said that the war is…
Market Context
Global crude oil markets remain sensitive to a combination of macroeconomic signals, OPEC+ production policy, and geopolitical developments across key producing regions. Brent crude and WTI serve as the primary price benchmarks, with spread movements reflecting regional supply-demand imbalances and refinery demand shifts.
Energy traders and analysts closely monitor inventory data from the U.S. Energy Information Administration (EIA), which releases weekly petroleum status reports that frequently move markets. Rising inventories typically signal demand weakness or oversupply, while draws support price recovery.
What to Watch
Analysts and traders will be watching upcoming EIA inventory reports, OPEC+ output decisions, and macroeconomic indicators — particularly U.S. Federal Reserve policy signals and China demand data — for directional cues on crude prices in the near term.
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