Oil prices rise amid renewed geopolitical tensions

26/06/2024 Argaam

Oil prices rise amid renewed geopolitical tensions

Oil drilling rigs

Oil prices rose on Thursday, amid renewed geopolitical tensions in the Middle East and escalating Houthi attacks on Red Sea vessels. This also came amid evaluation of US crude inventories data during the third week of June.

 

Brent crude futures for August delivery increased by 0.3%, or $0.24, to settle at $85.25 a barrel.

 

Similarly, futures prices for US West Texas Intermediate (WTI) crude for August delivery gained 0.1%, or $0.7, to $80.90 per barrel.

 

Oil inventories increased by 3.6 million barrels during the past week, contrary to expectations for a decrease of 2.6 million barrels, data from the Energy Information Administration (EIA) showed.

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