Global Oil Prices Surge Amid Supply Disruptions and Falling U.S. Inventories

LONDON, September 24, 2025 — Oil markets rallied strongly on Wednesday, with Brent crude futures climbing 1.4% to $68.57 per barrel and U.S. West Texas Intermediate (WTI) gaining 1.5% to $64.38 — their highest levels in weeks. The surge was driven by a combination of factors: U.S. crude inventories unexpectedly fell by 607,000 barrels against forecasts of a build, Kurdish exports from Iraq remained stalled, Venezuelan shipments faced setbacks due to U.S. permit issues, and sanctions pressure on Russia intensified following Ukrainian strikes on key oil infrastructure.

Analysts say the convergence of tightening global supplies, export disruptions, and inventory draws is fueling renewed short-term bullishness in global energy markets, with expectations of volatility ahead.