Oil futures have been stuck in a narrow range since early August as traders balance a bearish fundamental outlook against escalating geopolitical tensions.(Image: Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Oil steadied following its biggest jump since July, after US President Donald Trump’s increasingly hawkish rhetoric on Russia raised geopolitical risk.

Brent traded above $69 a barrel after gaining 2.5% on Wednesday, while West Texas Intermediate was near $65. Trump said that NATO nations should shoot down Russian aircraft that violated their airspace and that Europe should stop purchasing energy from the OPEC+ member, leading oil investors to cut bearish positions.

Meanwhile, US government data showed nationwide crude inventories declined to the lowest

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