Oil hits five-month high
Oil prices rose sharply, reaching their highest level in five months at settlement. Brent increased by $4.35, or 4%, to $113.17 per barrel, while West Texas Intermediate crude gained $2.32 (2.4%) to close at $99.47. This surge is driven by mounting concerns over potential disruptions to oil supplies in the Middle East and escalating geopolitical tensions, especially after reports of possible joint US-Israeli military strikes on Iran. As a result, risk premiums have increased, prompting oil traders to hedge and invest in futures contracts.
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