WTI Crude Oil futures reach $103.40 on Middle East uncertainty.

Dan Deming analyzes the recent surge in energy markets, focusing on WTI Crude Oil futures reaching new contract highs. Prices climbed to $103.40, up 4% on the day, marking a 4th consecutive session of gains. This upward momentum is primarily fueled by ongoing geopolitical uncertainty in the Middle East, specifically shipping and distribution disruptions stemming from the Strait of Hormuz. These pressures have pushed crude prices to their highest levels since June 2022. In contrast to the broader energy rally, Natural Gas futures traded as an outlier, dropping 4% to fall back below the $3 mark toward the lower end of their recent range.