ProShares Ultra Bloomberg Crude Oil

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The crude oil markets continue to see a lot of momentum, mainly driven by the headlines coming out of the Middle East.

The International Energy Agency (IEA) ​said on Tuesday ‌around 290 million barrels of ​oil have ​been released by its ⁠member countries ​since the announcement ​on March 11.

Quantum Helium Ltd (AIM:QHE) said it expects to complete the first commercial sale of oil from its Sagebrush-1 well in Colorado this month, adding a source of revenue alongside the project's helium potential. Extended production testing has confirmed commercial oil output from the Leadville formation, helium concentrations of around 2.5% and reservoir pressures approaching virgin conditions.

Analysts at the investment bank, led by Daan Struyven, see oil prices averaging $100 a barrel next year if traffic continues to be affected through the waterway.

Falling U.S. crude inventories and strong LNG exports support energy markets. Discover key technical levels for WTI, Brent and natural gas.

Oil, not AI, is driving global markets as investors struggle with contrasting signals: hopes of ​mediation in the fast-spreading war in the Middle East against the backdrop ‌of escalating U.S.-Iran attacks in the five-month-old conflict.

Europe and parts of Asia, which are more reliant on energy imports, will remain more exposed to global headline inflation. A fresh energy shock would leave the Fed focused on upside inflation risks, OCBC said.

Oil prices may extend their rally as rising supply risks strengthen the bullish outlook for WTI and Brent crude.

Vessel traffic through the Strait of Hormuz has slumped since U.S. President Donald Trump's blockade took effect last week. Crossings through the Strait have fallen sharply across multiple shipping datasets with renewed U.S. strikes on Iran.

Oil prices softened on Tuesday, with markets weighing ​reports of mediation efforts between the U.S. and Iran against an exchange of ‌fresh attacks between the two and threats of a naval blockade of Saudi Arabia by Yemen's Houthis.