Oil Prices Rise Amid Russia-Ukraine Missile Exchange, Despite U.S. Crude Stockpile Growth

Oil prices surged on Thursday, with Brent crude futures climbing 1.3% to $73.77 and West Texas Intermediate (WTI) rising 1.4% to $69.74 by 1017 GMT. The increase followed missile exchanges between Russia and Ukraine, overshadowing a larger-than-expected rise in U.S. crude inventories. Prices had earlier gained over $1, reflecting heightened geopolitical tensions. Ukraine launched British cruise missiles at Russia a day after firing U.S. missiles, escalating the conflict as it hit its 1,000th day.

Russia warned of severe consequences if Western-supplied weapons were used to target areas deep within its territory. Kyiv defended the strikes, emphasizing the need to neutralize Russian bases backing Moscow’s invasion. These developments have fueled concerns about global energy supply disruptions, pushing oil prices higher despite bearish inventory data from the United States.