WTI futures rose $2.38 to $73.41/bbl on Thursday after Hezbollah launched over 200 rockets toward central Israel—the largest barrage since October 2023—prompting US and UK naval reinforcements in the Eastern Mediterranean.
Brent climbed 2.9% to $76.80. Traders cited supply risk premiums, driven by Red Sea shipping delays and reduced Iraqi exports due to port maintenance.
The IEA held its 2026 global demand growth forecast at 1.1 million bpd but warned of ‘acute near-term volatility’ from geopolitical triggers.
