Oil: Prices climb on supply risks – UOB
According to UOB strategists Oil prices extended gains, with Brent crude settling above $96 and posting a strong weekly rise as disruptions to Middle East supply routes and renewed geopolitical tensions supported energy markets.
Oil prices climbed higher on Tuesday, driven by concerns over supply disruptions in the Middle East and renewed geopolitical tensions. Brent crude settled above $96 per barrel, marking a strong weekly increase. West Texas Intermediate (WTI) crude also saw a significant rise, with futures advancing 10% for the week. These price gains are being closely watched by financial markets, as any further disruptions in energy supplies could impact risk sentiment and oil prices.
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