Energy Preview: Crude oil prices stay elevated amid escalating conflicts in Middle East

Crude oil prices continues to stay elevated on Thursday amid extended Middle East conflicts adding to concerns over disruptions to global oil and gas flows. Iran launched missile strikes on a Qatari site hosting the world?s largest LNG export facility, marking a significant escalation following an Israeli attack on Iran?s South Pars gas field. Meanwhile, EIA reported a 6.2 million-barrel inventory surge and the Federal Reserve?s hawkish hold at the 3.5 to 3.75 range, the effective closure of the Strait of Hormuz continues to push energy prices higher. WTI crude oil futures are holding at $95.97 this morning, up almost 1% on the day. Brent was quoting higher by over 4% at above 111 mark.

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