Baghdad: Oil prices edged higher on Tuesday, as geopolitical tensions heightened. Brent futures gained 28 cents, or 0.4%, to $64.15 a barrel, hovering near a two-month high struck in the previous session. US West Texas Intermediate crude rose 28 cents, or 0.5%, to $59.78, its highest December hit earlier in the session.
According to Qatar News Agency, the rise in oil prices comes amid concerns over potential disruptions in supply due to increasing geopolitical tensions in key oil-producing regions. The market's reaction reflects apprehensions about stability in these areas, which have historically affected oil production and distribution.
The recent gains in oil prices are also influenced by fluctuating global demand and production levels. Analysts are closely monitoring the situation, as prolonged tensions could lead to further volatility in the oil markets. Market participants are cautious, keeping a close watch on developments that could impact future oil supply dynamics.