Crude oil nears $95 as Middle East supply risks return to focus

WTI oil futures climbed toward $95 per barrel on Wednesday, extending gains for a fifth consecutive session as escalating hostilities between Saudi Arabia and Iran-backed Houthi rebels heightened concerns over Middle East supply disruptions. The rally followed Tuesday?s sharp reversal, when WTI fell more than 2% below $92 after US President Donald Trump announced plans to buy Russian oil, raising expectations of increased Russian diesel exports and improved flows through Saudi Arabia?s East-West Pipeline. Meanwhile, the dollar index slipped below 102 as markets awaited US September CPI data for clues on the Federal Reserve?s rate outlook. MCX October crude oil futures rose 0.3% to ₹8,977 per barrel.

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