News Powered By AI
September WTI crude oil surged over 11% in its strongest weekly gain in months as geopolitical tensions between the U.S. and Iran sparked renewed concerns about potential Persian Gulf supply disruptions.
US oil drilling activity increased this week with total rig counts rising to 588, while Brent crude gained 4% to trade at $87.65 per barrel on Friday.
Europe’s intense early summer heatwave is disrupting nuclear power generation in France and reducing water levels on the Rhine River, constraining energy supply and raising shipping costs across the continent.
US forces conducted their sixth consecutive night of strikes against Iranian military targets, while Tehran retaliated with missile and drone attacks on US bases across the Gulf region.
Escalating US-Iran hostilities, infrastructure attacks, and severely disrupted shipping through the Hormuz Strait are expected to drive continued upward pressure on global oil prices amid wider supply chain disruptions.