Oil prices moved higher again on Thursday morning as investors grew more concerned about rising tensions between the United States and Iran and what that could mean for global oil supplies.
Brent crude futures increased by 27 cents, or 0.39%, reaching $69.67 per barrel at 03:50 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose 29 cents, or 0.45%, to $64.92 per barrel.
The gains followed a strong session on Wednesday. Brent had already climbed 0.87%, while WTI jumped more than 1.05%, as traders focused more on geopolitical risks than on U.S. oil inventory data.
Market participants are keeping a close eye on political developments in the region. Many fear that any further escalation between Washington and Tehran could disrupt crude exports and tighten global supply.
For now, that uncertainty is keeping investors cautious and supporting oil prices, as the market reacts to the possibility of supply disruptions.
