WTI crude oil futures rose above $63 per barrel on Wednesday, extending gains for the third straight session, driven by concerns of potential supply disruptions amid rising Middle East tensions. The Israeli military reported striking Hamas leadership in Doha, Qatar, marking a further escalation of its ongoing campaign across the Middle East. The attack came just hours after Israel warned it was preparing to strike Gaza City. This geopolitical tension added to bullish pressure from OPEC+’s modest production increase for October, which was much smaller than previous months’ hikes. Meanwhile, reports indicate that US President Donald Trump has urged the EU to impose 100% tariffs on Chinese and Indian goods to pressure Russian President Vladimir Putin, with the US signaling it could implement similar measures. Separately, industry data showed that US crude oil stocks rose by 1.3 million barrels last week, following a 0.6 million-barrel increase the week before.
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