The prices of oil futures extended gains on Thursday, with West Texas Intermediate (WTI) hitting $100 a barrel as investors assessed the possibility of a prolonged conflict in the Middle East. United States President Donald Trump declared yesterday that the war in Iran will end “immediately after” midterm elections in November, while oil prices will be “tumbling down.” In addition, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report earlier today that worldwide oil demand is expected to grow by 2.4 million barrels per day (bpd) in 2027.
WTI for October deliveries increased by 4.74% at 8:39 am ET to $100.60 per barrel. Brent for November shipments jumped by 4.53% to $105.79 per barrel at the same time.