Oil Prices Climb Amid Global Tensions

Oil Prices Climb Amid Global Tensions

Crude oil prices continued their upward trend on Tuesday as mounting geopolitical tensions and growing concerns over supply disruptions unsettled global markets.

Brent crude rose to $64.85 per barrel, while U.S. West Texas Intermediate (WTI) reached $62.82, maintaining the momentum of a nearly 3% gain from the previous trading day.

The surge is largely attributed to escalating tensions between Russia and Ukraine, which have sparked fears about the safety of Russian oil infrastructure and potential impacts on exports. 

In addition, efforts to revive the 2015 nuclear deal between Iran and the United States have hit a snag, further clouding the global supply outlook.