WTI crude oil futures rose 1.3% to settle at $63.5 per barrel on Thursday, supported by signs of strong US demand and uncertainty surrounding efforts to end the war in Ukraine. A sharp 6-million-barrel draw in US crude inventories, well above expectations, also boosted sentiment, though rising stockpiles at Cushing suggested underlying demand may be less robust. Geopolitical tensions added to the mix, with Russia warning that peace efforts excluding Moscow were futile, while the US announced new tariffs on Indian goods in response to New Delhi’s heavy reliance on Russian oil imports. Traders also weighed the possibility of tighter sanctions on Russia, which helped keep bullish momentum intact. Market participants were additionally eyeing Federal Reserve Chair Jerome Powell’s upcoming remarks in Jackson Hole for signals on monetary policy that could influence global demand trends.