On September 24, 2025, crude oil prices extended their upward momentum in Asian markets after the delays in resuming crude exports from Iraq’s Kurdistan region, a sharper-than-expected drop in U.S. stockpiles, and escalating geopolitical risks linked to Russia.
As of 21:23 ET (01:23 GMT), Brent crude futures for November delivery rose 0.4% to $67.88 per barrel, while West Texas Intermediate (WTI) futures also gained 0.4%, trading at $63.68 per barrel.
The gains follow a strong session on Tuesday, where both benchmarks surged more than 1.5%, or roughly $1 per barrel, driven largely by export disruptions from northern Iraq.
Further strengthening the bullish sentiment, data from the American Petroleum Institute (API) showed a draw of 3.82 million barrels in U.S. crude inventories for the week ending September 19, well above analysts’ expectations of a 3.4-million-barrel decline. Gasoline stockpiles also edged lower, although distillate inventories posted a modest increase.
The data signals continued strength in U.S. demand and a tightening short-term supply picture for the world’s largest oil consumer.
The rising geopolitical tensions are adding to market anxiety. Speaking at the United Nations General Assembly, U.S. President Donald Trump called on NATO allies to take military action against Russian aircraft violating alliance airspace and reiterated that Ukraine should reclaim all its occupied territories.
The remarks underscored growing risks surrounding Russian supply and reinforced fears of broader conflict that could further disrupt global energy flows.
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Published on: Sep 24, 2025, 5:17 PM IST
Sachin Gupta
Sachin Gupta is a Content Writer with 6+ years of experience in the stock market, including global markets like the US, Canada, and Australia. At Angel One, Sachin specialises in creating financial content that simplifies complex market trends. Sachin holds a Master's in Commerce, specialising in Economics.
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