WTI Crude Edges Higher on Middle East Tensions

Geopolitical Risk Premium

The potential for conflict in the Persian Gulf is overriding the bearish fundamental outlook. Traders are unwilling to be short over the weekend, leading to a covering rally that has lifted prices back above the $61 mark.

Kazakhstan Outage

Ongoing supply issues at the Tengiz field in Kazakhstan are also tightening the light-sweet crude market, adding physical support to the geopolitical sentiment.