Oil Prices Are Advancing Due To Global Supply Concerns

In European trading, global oil prices rose, marking the second consecutive increase. US crude edged closer to its highest level of the year, while Brent surpassed $86 per barrel amidst ongoing concerns about global supply.

Ukraine's escalation of drone attacks on Russian oil refineries and the Red Sea crisis, causing shipment disruptions and threatening supplies, continue to contribute to these concerns.

Global Prices

US crude reached $82.26 per barrel, rising by 0.4% with a session low of $81.64, while Brent increased by 0.3% to $86.38 per barrel.

On Monday, US crude surged by 1.45%, and Brent added 0.6%, marking the first increase in four days as global inventories experienced a decline.