Muscat: Oil prices rose more than 1.5% today, reaching their highest level in over six weeks, amid renewed military tensions between the US and Iran and concerns about supply disruptions. Brent crude futures rose $1.93, or 2%, to $96 per barrel, their highest level since 8 June. US West Texas Intermediate (WTI) crude gained $1.44, or 1.7%, to $88.27 after advancing nearly 3% on Wednesday.
According to Oman News Agency, the price increase is attributed to ongoing geopolitical tensions in the Middle East, which have historically led to fears of potential disruptions in oil supply. The market has reacted to the heightened tensions, reflecting concerns over the stability of oil exports from the region.
Traders and analysts are closely monitoring the situation, as any escalation in military activities could further impact oil prices. This development underscores the sensitivity of global oil markets to geopolitical events, particularly those involving major oil-producing nations.