US light crude prices near $64.50 as Ukraine strikes raise supply fears

David Morrison

SENIOR MARKET ANALYST

18 Sep 2025

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Crude oil hit a two-week high on Tuesday, when front-month WTI came within a few cents of $64.50 per barrel. Much of this recent strength came as Ukraine ramped up its attacks on Russia’s energy infrastructure, using ordnance that can reach deep into Russian territory.

Source: TradingView

This has raised concerns that repeated, successful attacks could lead to a crimp in supply. Prices also got a short-lived lift on Wednesday afternoon after the US Energy Information Administration announced a bigger-than-expected drawdown in crude inventories for last week.

But the market’s muted reaction underscores a lack of buying conviction, with traders seemingly reluctant to push prices higher in the face of broader supply-and-demand concerns.

The bulk of yesterday’s sell-off came after the Fed rate cut announcement. Prices bounced back in early trade this morning before reversing sharply. The oil market remains a tricky one to judge. But it will be of concern to the bulls that so far, rally attempts have been short-lived and relatively easy to reverse.


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