Oil prices rose in Asian trading on Wednesday as escalating Middle East tensions and the threat of tighter U.S. sanctions on Russian energy boosted supply concerns. Brent crude futures gained 0.7% to $66.92 a barrel, while West Texas Intermediate rose 0.7% to $62.72 by 21:41 ET (01:41 GMT), marking a fourth straight session of gains. Prices were also supported after OPEC+ announced a smaller-than-expected production increase over the weekend.
Markets reacted sharply to Israel’s late-Tuesday strike on Hamas leadership in Doha, Qatar. The attack drew swift condemnation from Qatari and U.S. officials, raising fears it could derail ongoing peace talks. Oil spiked nearly 2% after the news before easing when U.S. officials stated no further strikes would occur. Hamas reported five casualties and accused Israel of attempting to assassinate its negotiating team. The move now clouds prospects for peace negotiations, leaving traders wary of prolonged instability in the region.
Geopolitical risks were further amplified by reports that U.S. President Donald Trump called for tougher measures against Russian oil. According to Reuters, Trump pushed for expanded sanctions and steep tariffs on India and China over their continued energy imports from Moscow. He has already imposed 50% tariffs on India and signaled a possible hike to 100% for both India and China. Such steps could reduce Russian oil revenues and disrupt global supply, although both countries have shown little willingness to halt purchases.
Adding to market uncertainty, U.S. crude inventories rose by 1.25 million barrels in the week to September 5, according to the American Petroleum Institute. Still, supply risks from the Middle East and Russia remain the dominant drivers, keeping oil prices on an upward trajectory.


Fed Rate Cut Signals Balance Between Inflation and Jobs, Says Mary Daly
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns
South Korea Extends Bond Market Stabilization Measures Amid Rising Financial Risks
Ireland Limits Planned Trade Ban on Israeli Settlements to Goods Only
Dollar Struggles as Markets Eye Key Central Bank Decisions and Global Rate Outlooks
Asian Stocks Rally as Tech Rebounds, China Lags on Nvidia Competition Concerns
U.S. Stock Futures Mixed as Tech and AI Stocks Face Pressure Ahead of CPI Data
Global Markets Slide as Tech Stocks Sink, Yields Rise, and AI Concerns Deepen
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 



