Crude oil prices surge up to 7%, extend gains to 8th day; US WTI tops $106 — What’s behind this sharp rally?

US crude rose 6.61% to $106.58 a barrel, and Brent rose to $117.81 per barrel, up 5.9% after the EIA, after the US oil stocks plummeted sharply and amid little signs of resolution to the Middle East crisis that’s entered its third month now.