Bloomberg energy markets show WTI and Brent still advancing

Oil prices continued to advance on Wednesday, with Bloomberg’s energy markets dashboard showing both WTI and Brent higher as the rally tied to Middle East supply disruption persisted.

Bloomberg reported the earlier surge was driven by a stalled U.S.-Iran standoff and constrained flows through the Strait of Hormuz. Reuters later said Brent crude had climbed to $122.31 a barrel intraday and WTI to $108.34, with a larger-than-expected U.S. inventory draw also helping prices.

The Bloomberg dashboard showed WTI at $108.37 a barrel, up $1.49, and Brent at $119.80, up $1.77, as of the latest update reviewed.

The broader market story remains the same: traders are weighing the risk of prolonged supply disruption against official data showing tighter-than-expected U.S. stocks. The EIA has said its petroleum outlook depends heavily on how long Hormuz remains constrained.

For now, the rally is still intact and the key question is whether it will be sustained through settlement or fade if the geopolitical picture improves.