WTI crude oil (CLc1) surged back toward $99.00 a barrel in early London trade on Thursday, erasing prior session losses after US President Donald Trump’s prime-time address hardened rhetoric on Iran and dimmed prospects for an imminent diplomatic resolution. Brent crude (LCOc1) climbed 1.8% to $102.15 a barrel, tracking the US benchmark higher as traders priced in renewed escalation risks in the Strait of Hormuz.
WTI Crude Oil – 5 Days Chart
Market Snapshot
WTI (CLc1) traded up 2.4% at $98.92 a barrel as of 10:15 a.m. London, rebounding sharply from a one-week low near $92.50 touched during Wednesday’s New York session. The May contract had settled down 1.2% the prior session on de-escalation optimism before Trump’s speech reversed flows. Brent (LCOc1) outperformed slightly, with the WTI-Brent spread narrowing to about $3.20 as Middle East supply risks premium re-emerged.
Risk Flows and Correlated Moves
The oil rally fed through to energy equities, with the S&P 500 Energy Sector (SP500-45) up 1.9% in pre-market trade, led by Exxon Mobil (XOM.N) and Chevron (CVX.N). Safe-haven flows supported gold (GCc1), which held steady near $4,800 an ounce after intraday volatility erased earlier gains. The US Dollar Index (DXY) strengthened 0.4% to 99.85 as revived Fed rate-hike bets on inflationary oil impulses offset risk-off bid flows.
