Oil prices moved higher on Thursday, reaching their highest levels in more than six weeks as tensions in the Middle East continued to grow and raised concerns about global energy supplies.
Brent crude oil jumped $2.20, or 2.3%, to $96.27 per barrel. This is the highest price seen since June 8 and comes after Brent gained more than $3 during Wednesday’s trading session.
Meanwhile, U.S. West Texas Intermediate (WTI) crude rose $1.65, or 1.9%, to $88.48 per barrel. The benchmark had already climbed 3% in the previous session.
The recent rise in oil prices is mainly being driven by fears that increasing conflict in the Middle East could disrupt key energy supply routes. As uncertainty grows, traders are closely watching the situation, which is adding more pressure to global oil markets.
