Shafaqna English– A fresh wave of geopolitical risk swept through oil markets on Tuesday, driving crude prices to their strongest levels in weeks.
By 0800 GMT, the market reaction was already reflected in the pricing, with Brent crude futures climbing by $2.00, or 2.06%, to reach $99.00 per barrel. Meanwhile, U.S. benchmark West Texas Intermediate (WTI) crude posted even stronger gains, rising by $2.93, or 3.2%, to trade at $94.41 per barrel.
The sharper percentage increase in WTI compared to Brent indicates that U.S. markets may be more immediately sensitive to geopolitical risks emanating from the Middle East, particularly given the potential for supply chain disruptions.
Source: Reuters