Oil prices rise amidst geopolitical tensions

Economy

Published: 2024-01-03 12:26

Last Updated: 2024-02-25 08:31


Oil prices rise amidst geopolitical tensions
Oil prices rise amidst geopolitical tensions

Oil prices witnessed a slight increase recorded in Asia’s first trading day of 2024, amid escalating geopolitical tensions in the Middle East.

According to a report by Reuters, the price of Brent crude rose by 26 cents, equivalent to 0.4 percent, reaching USD 76.11 per barrel. Meanwhile, futures contracts for West Texas Intermediate (WTI) crude oil recorded a 0.3 percent or 26 cents increase, reaching USD 70.64.

Oil prices have increased by about two dollars in the early days of this week. This rise comes in the context of ongoing developments in the region, where the Middle East is witnessing escalating geopolitical tensions that impact the global oil market.

This increase coincides with the escalation of regional tensions, which may have significant effects on global energy supplies. The oil market remains under the influence of supply and demand factors, with expectations of continued price fluctuations in the coming period, linked to geopolitical developments and global economic events.