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Oil prices climb on geopolitical risks
Oil prices rose today, Tuesday, amid geopolitical tensions in the region, including attacks on vessels in the Gulf area and growing fears of an escalation in the conflict between the United States and Iran. Brent crude futures increased by 1.1% to $90.22 per barrel, while West Texas Intermediate (WTI) rose by 1% to $83.29, after Brent previously surpassed the $90 level. Markets remain worried about the possibility of disruptions to navigation through the Bab el-Mandeb Strait due to the Houthi blockade of ships, which could raise shipping costs and impact global oil supplies. However, the oil market still considers that the current tensions are unlikely to cause a prolonged disruption to oil flows.
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