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Crude oil prices soared following growing geopolitical tensions between the US and Iran, paired with surprising inventory data and investor flight to safe assets.
Crude Oil Soars as Tensions Mount Between US and Iran
Oil markets experienced a dramatic surge on Wednesday as geopolitical uncertainty between the United States and Iran escalated. President Donald Trump expressed doubts about a potential nuclear deal, further fueling concerns in the region.
US WTI crude prices jumped from $64.70 to $68.70—a $4 leap and a gain of over 6%—breaking above the 200-day simple moving average, a technical level that had consistently acted as resistance. Brent crude followed closely, ending the session at $70.78 per barrel, also up $4, marking a parallel 6% increase.
Safety Concerns Drive Market Sentiment
Reports emerged suggesting the US had begun urging military families in the Middle East to evacuate due to heightened security risks. This development contributed to a late-day price spike, intensifying investor anxiety and adding to the bullish momentum in oil.
Strong Rally in Commodities Reflects Risk Aversion
In parallel with oil, gold also experienced a significant uptick. Prices rose by $30.76, or 0.93%, reaching $3353, as investors shifted toward traditional safe havens in response to uncertainty in global markets.
Market Perspective and Outlook
This latest climb places WTI crude at its highest level since April 3. Despite the surge, many analysts view the move as speculative, warning that such gains may not be sustainable if tensions ease. The Energy Information Administration (EIA) also reported a larger-than-expected inventory drawdown last week, supporting the rally in the short term. However, this factor is unlikely to sustain prolonged bullishness on its own.
US WTI Crude Chart Daily – Are Buyers Done? 
With prices approaching the $70 level, some traders may see this as a prime opportunity to take profits, targeting potential pullbacks toward $65 or even $60.
Weekly US Petroleum Inventory Data (Week Ending June 6, 2025):
EIA Crude Oil Inventories:
Actual: -3.644M barrels (draw)
Expected: -1.960M barrels
Previous: -4.304M barrels
➤ Larger-than-expected draw, but smaller than the prior week’s drop
Gasoline Inventories (EIA):
Actual: +1.504M barrels
Expected: +853K barrels
➤ Stockpiles rose more than forecast, pointing to weaker demand or higher refinery output
Distillate Inventories (EIA):
Actual: +1.246M barrels
Expected: +824K barrels
➤ Moderate build, aligned with seasonal trends
API Data (June 5, 2025):
Crude: -370K barrels (much smaller draw than EIA reported)
Gasoline: +3.969M barrels (significant build)
Distillates: +3.712M barrels (strong build)
➤ API showed heavier product builds and less crude draw, adding uncertainty
US WTI Crude Live Chart
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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