Crude Oil Futures Surge After Red Sea Ship Attack

Crude oil and refined product futures experienced an uptick at midday on Thursday as concerns surrounding a ship attack in the Red Sea overshadowed the impact of increasing U.S. oil inventories.

Missile Attack Triggers Price Surge

Reports from U.K. maritime agencies revealed that Houthi militants launched two missiles at a vessel off the southeast coast of Yemen, resulting in a fire onboard the ship. This incident contributed to the surge in futures prices.

Price Movements

• The NYMEX April West Texas Intermediate crude contract rose by 90 cents to reach $78.80 per barrel.
• The May WTI contract also saw an increase of 75 cents, reaching $78.10 per barrel.
• The April Brent contract based in London showed a 75-cent rise, hitting $83.80 per barrel.
• Meanwhile, May Brent climbed by 70 cents to $82.80 per barrel.

Boost in ULSD Futures

ULSD futures received a boost following the release of Energy Information Administration data indicating a decrease of 4 million barrels in U.S. distillate stocks last week. Additionally, there was a reported 300,000-barrel decline in gasoline holdings and a 3.5-million-barrel build in crude inventories.