Crude oil futures were flat Thursday, taking a breather as traders took stock of the market after prices advanced more than 2% this week to hit the highest level since October. Oil prices have rallied this year, booking three consecutive months of gains with U.S. crude adding 19% while Brent is up about 16%. The rally comes as the wars in Eastern Europe and the Middle East raise renewed fears about supply disruptions.
Ukraine has repeatedly struck Russian oil refineries, reducing the OPEC+ member's capacity. Red Sea crisis could lead to global tanker shortage, Kuwait Petroleum CEO says. Global energy demand will outpace population growth through 2050, Kuwait oil CEO says. Solar CEOs bet that red state investments will protect them from threat of Trump repealing IRA. Tensions are also mounting between OPEC member Iran and Israel, after Tehran accused the Netanyahu government of striking its consulate in Damascus