Oil prices jump 3% to 7-week high

Photo caption — An oil refinery in California, USA. Photo: AFP/TTXVN

At the close of the session, Brent crude oil rose $1.68, or 2.5%, to $69.31 a barrel, while U.S. West Texas Intermediate (WTI) crude oil rose $1.58, or 2.5%, to $64.99 a barrel. This was the highest closing price for Brent since August 1 and for WTI since September 2.

The US Energy Information Administration (EIA) said US crude inventories unexpectedly fell by 607,000 barrels last week, compared with analysts' forecasts for a 235,000-barrel increase in a Reuters poll.

Meanwhile, according to a September 24 report from the US Federal Reserve (Fed) Dallas branch, oil and gas activities and output in key producing states Texas, Louisiana and New Mexico declined slightly in the third quarter of 2025.

Oil prices also received support from geopolitical developments that could further tighten supplies. Ukrainian troops attacked two oil pumping stations overnight in Russia’s Volgograd region. A state of emergency was declared in the Russian city of Novorossiisk, a major Black Sea port and home to important oil and grain export terminals.

Russia is facing shortages of some fuels as Ukrainian drone attacks have reduced refinery output, traders and retailers say. Ukraine has stepped up these attacks on energy infrastructure in an effort to reduce Russia’s export revenue.

Crude oil prices rose despite news that eight international oil companies operating in Iraq's Kurdistan region have reached agreements in principle with the Iraqi federal government and the Kurdistan Regional Government to resume oil exports. Iraq is set to be the second-largest crude producer in the Organization of the Petroleum Exporting Countries (OPEC) by 2024, according to U.S. energy data.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-tang-vot-3-len-muc-cao-nhat-7-tuan-20250925072650931.htm