Crude oil futures continued their rally on Thursday, with West Texas Intermediate (WTI) jumping by more than 7% as investors kept an eye on the ongoing conflict in the Middle East, amid Iran’s Islamic Revolutionary Guard Corps’ (IRGC) threats of retaliating tenfold to any US attacks. Traders also digested today’s report from the Organization of the Petroleum Exporting Countries (OPEC), which revised its oil demand projections up to 2.4 million barrels per day in 2027.
WTI for October settlements surged by 7.17%% at 2:14 pm ET to $102.94 per barrel. Meanwhile, Brent for November deliveries soared by 6.76% to $108.21 per barrel at 2:15 pm ET.