Brent Crude Futures Surge Above $69, Near Seven-Week High

Brent crude futures climbed past $69 per barrel, approaching a seven-week high, driven by tighter supply signals and surprise inventory draws in the U.S.

📈 Price Movement & Key Data

Brent rose to around $69.05 per barrel, up about 2.5% on the session.

U.S. WTI crude also gained, reaching approximately $64.72 per barrel.

The rally accelerated following a surprise drop in U.S. crude stocks, which reinforced concerns over supply tightness.

🔍 Factors Fueling the Upswing

Supply Disruptions & Risk Premia: Ongoing geopolitical tensions and uncertainty about Russian and Middle Eastern output continue to add a risk premium to crude.

Inventory Draw Surprise: The sharper-than-expected inventory decline in the U.S. surprised the market and heightens expectations of demand strength.

Sentiment Over Fundamentals: Some analysts warn that the rally may lean more on sentiment than strong demand metrics, suggesting caution in the near term

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