Crude Oil Surges as US-Iran Tensions Escalate and Supply Disruptions Mount

November WTI crude oil closed up $2.45, or 2.71%, on Thursday as military tensions between the United States and Iran escalated and peace talks remained deadlocked. Gains were reinforced by reports of the US deploying a third aircraft carrier strike group and 10,000 troops to the Middle East, alongside restricted transit through the Strait of Hormuz. Supply concerns mounted as Vitol cited a 4 million barrel per day global supply loss from Middle East disruptions and Ukrainian strikes on Russian infrastructure, while the IEA expanded its 2026 global deficit forecast to 1.7 million bpd.