Global oil prices surged in the commodity market amid rising tensions between Ukraine and Russia.
Ukraine’s recent attacks on several military air bases in Russia have heightened geopolitical concerns, pushing prices higher.
Despite OPEC+ agreeing to increase output, the threat of supply disruptions due to the escalating conflict has driven prices up.
The international benchmark Brent crude rose by 2.61% to $64.24 per barrel, up from $62.60 at the previous session’s close.
Similarly, the US benchmark West Texas Intermediate (WTI) increased by 2.88% to $62.02 per barrel, compared to $60.28 in the prior session.
The ongoing conflict and potential supply chain disruptions are dominating market sentiment, pushing prices higher despite efforts to balance supply and demand.
With peace talks between Kyiv and Moscow looming in Istanbul, market watchers are closely monitoring the situation.
