DTN Oil Update
Brent at 6-Month High on Gulf Escalations
SECAUCUS, N.J. (DTN) -- Oil futures surged Thursday, with both global crude benchmarks hitting above the $100 bbl mark as a fresh wave of Houthi strikes on Saudi energy assets and escalating maritime hostilities across Middle East chokepoints ignited aggressive buying.
NYMEX WTI crude for December delivery settled up $2.32, or 2.39%, at $99.47 bbl. The session high of $100.17 marked the third time in a row the U.S. crude contract had touched triple-digit pricing.
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ICE Brent for December delivery moved up $4.35, or 4.00%, to close at $113.17 bbl. The session high was $113.47, a peak since late April.
Downstream, NYMEX ULSD for November delivery climbed $0.1688, or 3.54%, to finish at $4.9321 gallon. It peaked at $4.9467 for the day.
RBOB for November advanced $0.0560, or 1.79%, to end the session at $3.1765 gallon. It hit an intraday high of $3.2205.
By 2:30 p.m. EDT, the U.S. Dollar Index slid 0.173 points to 101.430 against a basket of currencies.
Geopolitical risk premiums expanded rapidly following confirmed drone and missile strikes targeting critical Saudi Arabian infrastructure, including the eastern hub of Dammam and remote production fields.
Tensions heightened further after the U.S. State Department ordered the evacuation of non-essential diplomatic personnel and dependents from Saudi Arabia, fueling market anxiety over potential U.S. military involvement.
Maritime transport hazards intensified as the Iranian IRGC claimed strikes on four oil tankers in the northern Persian Gulf, alongside reports of additional vessels encountering sea mines near the Strait of Hormuz.
The disruptions have forced refiners and trading houses to seek replacement Gulf Coast barrels, reinforcing strong underlying demand for domestic crude.
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