Geopolitical tensions drive oil prices up Tuesday

Economy

Published: 2024-01-30 11:49

Last Updated: 2024-02-25 06:45


Geopolitical tensions drive oil prices up Tuesday
Geopolitical tensions drive oil prices up Tuesday

Oil prices recorded an increase in Tuesday's morning session, driven by escalating geopolitical tensions in the Middle East, raising concerns about oil supplies.

Brent crude futures rose by 0.3 percent - 25 cents, reaching USD 82.65 per barrel, according to a report from Bloomberg.

At the same time, the prices of West Texas Intermediate (WTI) crude oil recorded an increase of 0.4 percent or 31 cents, surpassing the USD 77 per barrel mark and reaching USD 77.09.

These oil price hikes come against the backdrop of the Federal Reserve Open Market Committee meeting (FOMC), which is scheduled for two days, Jan. 28 to Jan. 29.

Policymakers are expected to hold the interest rate steady. However, some investors remain watchful for indicators that may suggest a change in the Federal Reserve's stance regarding interest rate hikes or cuts.