Oil Prices Rise as Middle East Tensions Push Brent Crude Above $110 a Barrel
LONDON:Global oil prices rose on Thursday amid escalating tensions in the Middle East following further Houthi attacks on Saudi Arabia, with Brent crude climbing to $110.11 per barrel.
According to Reuters, Brent crude futures increased by $1.29, or 1.2 per cent, to $110.11 a barrel during Thursday’s trading session.
US West Texas Intermediate (WTI) crude futures also gained 97 cents, or 1 per cent, to reach $98.12 per barrel.
The latest gains came after a largely unchanged session for Brent crude on Wednesday, while WTI prices fell by 67 cents at the close of the previous trading session.
Rising geopolitical tensions in the Middle East have heightened concerns over potential disruptions to regional oil supplies, contributing to upward pressure on global crude prices.
Market participants are closely monitoring developments in the region for signs of further escalation and their potential impact on energy supplies and international oil markets.
