Global crude oil prices have increased in recent days as concerns continue over the ongoing conflict in West Asia. Traders are unsure whether a ceasefire will happen soon, and this uncertainty has pushed prices higher.
Over the past week, West Texas Intermediate crude futures rose by more than 1%, while Brent crude futures gained around 0.3%. On the latest trading day, prices saw a sharp jump. WTI increased by 5.5% to close at $99.64 per barrel, and Brent rose by over 4.2% to settle at $112.57 per barrel.
The rise in oil prices is mainly due to fears of supply disruptions. The conflict in the region has lasted for several weeks, and any impact on oil production or transport routes can affect global supply.
Because of this uncertainty, traders and investors are buying more oil as a way to protect against risks caused by geopolitical tensions. This increased demand is pushing prices upward.
Experts say that if the conflict continues or worsens, oil prices could rise further. However, if a ceasefire is reached, prices may stabilize or come down.
Overall, the global oil market remains sensitive to developments in West Asia, and prices are likely to stay volatile in the coming days.