Shipping and production concerns keep crude oil prices elevated.

WTI Crude Oil futures reached new high range levels as logistical disruptions intensified in the Middle East. With oil tankers stalled in the Strait of Hormuz and major shipping companies rerouting around Africa, insurance costs have climbed sharply and delivery times have extended. Intraday volatility saw prices range from a low of 70,41 to a high of 77,98. Market participants are monitoring high-level government discussions regarding potential measures to mitigate the economic impact of elevated energy prices, including the possibility of a Strategic Petroleum Reserve release. These supply-side constraints continue to introduce significant unpredictability into global energy markets.