By Konstantinos Chrysikos, Head of Customer Relationship Management at KudotradeCrude oil extended its rally for a third consecutive session today, supported by rising geopolitical tensions, severe winter weather disrupting US output, and a surprise draw in US crude inventories. Markets reacted to renewed geopolitical risk sin the Middle East. President Trump has renewed pressure on Iran, while a US naval group’s arrival in the region has fueled disruption fears. The bullish tone was reinforced by EIA data showing US crude inventories fell by 2.3 million barrels, versus expectations for a 1.8 million-barrel build. The market could continue to face the risk of an oversupply, which could cap short term gains and weigh on the market long term.