Oil Prices Rise Toward 5-Month High
Oil prices have risen, with Brent approaching its highest level in five months, due to ongoing geopolitical tensions in the Middle East. Brent surged to $110.07 per barrel, after reaching $110.70 the day before, while West Texas Intermediate increased to $104.03. The market is factoring in significant geopolitical risks, as attacks on ships continue—18 vessels reportedly targeted over the past two weeks—keeping risk premiums elevated and threatening the stability of oil supplies. Additionally, US oil inventories are expected to decrease last week, according to an initial survey by Reuters.
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