WTI crude oil futures jumped more than 3% toward $78 per barrel on Thursday, nearing their highest level since late January, as the Middle East conflict disrupts global oil supplies. China’s government has ordered its major refiners to halt diesel and gasoline exports amid rising tensions in the Persian Gulf. Concerns over further escalation around Iran and ongoing regional instability have kept investors on edge, while shipping through the Strait of Hormuz, a critical chokepoint, has been disrupted. Efforts to ease market worries, including proposals for vessel insurance and naval escorts, have so far failed to calm investors, who are closely monitoring developments for signs of a prolonged conflict. Meanwhile, EIA data showed US crude inventories rose by 3.5 million barrels to 439.3 million, well above expectations, providing a buffer against potential supply shocks.
