Global crude surges 2% as supply fears push benchmarks past July peaks

Global oil prices surged by more than 2% at Thursday’s settlement, reaching their highest levels in nearly a month as supply concerns tightened the market. The rally affected both major benchmarks, which reached price points not seen since 24 July. Brent and WTI hit one-month peaks Brent crude futures rose by $2.16, a 2.4% increase, to settle at $93.78 per barrel. Simultaneously, US West Texas Intermediate (WTI) crude futures for September delivery climbed $2 to settle at $87.83 per barrel. The price action on 20 August marks a recovery for energy markets, which had faced downward pressure earlier in the month. Data released on Friday, 21 August, indicates that both benchmarks have erased losses incurred over the past three weeks. This price movement was triggered by the latest settlement figures from the New York and London exchanges, which were published following the close of Thursday's trading session. Market impact and outlook The rise in crude prices directly affects global energy costs and refining margins. For the UAE and other Gulf energy exporters, the climb toward the $94 mark provides a stronger fiscal outlook for the third quarter. Traders are now monitoring upcoming inventory reports and production guidance from major oil-producing nations to determine if this one-month high will form a new price floor. Market participants will watch the opening of the next trading session to see if the momentum from the $2.16 Brent gain carries through the weekend. The shift…