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Oil edges higher as Middle East supply risks grow
West Texas Intermediate traded near $93 a barrel after a 2.1% jump the prior session, while Brent finished near $107 on Monday.
Oil prices rose as a widening Middle East conflict threatened to disrupt any recovery in supply from the region, according to LiveMint Markets.
West Texas Intermediate traded near $93 a barrel after rising 2.1% in the previous session, and Brent settled near $107 on Monday.
The report pointed to intensified pressure on Washington after Iran-backed Houthi militants carried out drone and missile attacks on Saudi Arabia’s main airport.
LiveMint Markets also noted ongoing fighting between Ukraine and Russia, with Zelenskyy saying Ukraine will continue attacks as Moscow targets Russia’s energy infrastructure, while it said doubts remain about a US “energy ceasefire” claim.
Latest closeBrent $103.93 ▲3.7%