Oil Prices Rise on Monday

PUKMEDIA

Oil Prices.

Global oil prices edged higher on Monday as geopolitical instability in the Middle East continues to drive market volatility.

West Texas Intermediate (WTI) crude rose to $73.54 per barrel, up $0.56 or 0.77%, while Brent crude, the international benchmark, climbed to $74.68, an increase of $0.45 or 0.61%. The gains reflect ongoing concerns over potential supply disruptions due to escalating tensions between Israel and Iran.

Although no major supply chains have yet been affected, traders remain cautious as both nations exchange warnings and retaliatory rhetoric. Iranian President Masoud Pezeshkian reiterated today that Tehran has no intention of pursuing nuclear weapons, but emphasised that the country would defend itself if provoked.

Energy analysts note that prices may continue to trend upwards if tensions escalate further, particularly if shipping through the vital Strait of Hormuz is threatened. For now, the modest increases suggest a market closely watching diplomatic and military developments in the region.



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