Middle East tensions raise oil prices

Middle East tensions raise oil prices

At the start of trading on Monday, oil futures slightly increased due to renewed geopolitical tensions in the Middle East. This has raised concerns about the supply of oil from the region. However, there is still uncertainty surrounding the voluntary reduction in production by OPEC Plus, and the increasing global demand for fuel is casting a shadow over the future outlook of the sector.

At 0018 GMT, Brent crude futures rose by 0.4% to $79.16 per barrel, while US West Texas Intermediate crude futures increased by 0.4% to $74.36 per barrel.

Tony Sycamore, a market analyst at IG Markets, said that the re-emergence of geopolitical tensions at the beginning of the week gave a boost to lower crude oil prices upon reopening this morning.