Crude Oil prices surged by nearly 1% on Thursday as tensions remain high following reports of large explosions in Beirut. This comes despite an unexpected increase in US crude inventories, which traders seem to be overlooking as they evaluate the potential outcomes of the ongoing standoff between Israel and Iran—whether it will escalate or ease.
The US Dollar Index (DXY), which measures the Greenback's performance against six other major currencies, is on track for its fourth consecutive day of gains and is approaching the September high of 101.90. The recent upward movement was bolstered by comments from former New York Federal Reserve President William Dudley on Bloomberg, indicating that only 25 basis points rate cuts should be anticipated at this time. Additionally, the latest weekly Jobless Claims data, which came in slightly higher than expected, supports this outlook.
Currently, Crude Oil (WTI) is trading at $71.71, while Brent Crude is at $75.63.
