Crude oil prices were modestly higher through Thursday’s close, with U.S. West Texas Intermediate (WTI) futures settling at $64.24—up nearly 1% so far for the week.
While the market remains open, the early gain masks what has been a turbulent stretch marked by intensifying geopolitical conflict, evolving global trade tensions, seasonal demand softening, and volatile inventory data.
For the average investor, the big picture remains mixed: while oil prices continue to respond to headlines around Russia and Ukraine, the market is also grappling with weaker consumption trends and the anticipation of increased supply heading into September.
Geopolitical Tensions Rise as Russia-Ukraine Conflict Escalates
The Russia-Ukraine war re-entered the spotlight this week as military activity intensified on both sides. Ukraine launched fresh drone attacks targeting major Russian oil infrastructure, including the Novoshakhtinsk refinery and Ust-Luga export terminal. These facilities are critical to Russia’s oil exports, and the strikes have raised concerns about potential disruptions to global crude supply.
Russia responded by launching a wave of missile and drone attacks across Ukrainian cities, killing at least 21 people in Kyiv alone. The violence prompted the White House to announce that President Donald Trump was “not happy” with Russia’s actions, and a formal statement is expected soon.
These events added a layer of risk to global oil markets.
