Supply Concerns Drive Oil Prices Up by 3%
Oil prices rose by about 3% on Wednesday, propelled by concerns about supply disruptions from the Middle East amid escalating geopolitical tensions in the region.
As of 06:59 GMT, Brent Crude increased by $2.67, or 3.3%, reaching $84.07 a barrel, after hitting its highest level since January 2025 in the previous session.
Meanwhile, West Texas Intermediate crude climbed by approximately $2.24, or 3%, bringing the price to $76.80 a barrel, continuing its gains that have surpassed 5% over the past two sessions.
This performance reflects ongoing uncertainty in energy markets, as investors watch for any developments on the ground or political decisions that could impact the pace of global supplies in the coming period, particularly given the market’s sensitivity to any potential disruptions in shipping lanes or production facilities.
