Escalating geopolitical risks have energized the global oil market. Amid growing uncertainty between Western nations and Russia, West Texas Intermediate (WTI) crude surpassed its 100-day moving average, rising above $64 per barrel. Decline in Short Positions Supports the Rally Data from Bridgeton Research Group shows that short positions in the futures market have fallen to 36%, down from 55% on September 23. This trend amplifies price movements and adds momentum to the market. Russia Considers Diesel Export Restrictions Drone strikes targeting Ukrainian energy infrastructure are prompting Russia to review its export strategy. Officials are reportedly weighing restrictions on diesel shipments for certain companies. In response, European diesel and gasoil prices recorded their largest three-week increase, climbing 2.4%. Expert Insight Rebecca Babin, senior energy trader at CIBC Private Wealth Group, commented: "Rising geopolitical risks and continued attacks on energy infrastructure are reshaping product flows. If the situation remains unresolved, the impact could extend to crude exports." Additional Supply Expected from Iraq Iraq is close to finalizing an agreement to resume crude exports from the Kurdistan region after a two-year suspension. This move could add roughly 230,000 barrels per day to the global market, increasing the risk of oversupply. Technical Indicators Strengthen The prompt spread for WTI futures—the price difference between the nearest contracts—has doubled over the past week to $0.51. Meanwhile, the gap between the two closest December contracts widened to $1.89 from less than $0.70 just two weeks ago. Current Oil Prices - WTI (November delivery): up 2.5% to settle at $64.99 per barrel - Brent (November delivery): up 2.5% to settle at $69.31 per barrel