Reported 12 months ago
Oil prices increased by 2% to a two-month high due to expectations of rising demand during the summer driving season in the Northern Hemisphere and concerns over potential conflict in the Middle East affecting global oil supplies. Brent futures rose by 1.9% to settle at $86.60 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by 2.3% to settle at $83.38. The market also saw support from geopolitical tensions between Israel and Hezbollah, expectations of increased demand for fuel, and upcoming hurricane threats, alongside ongoing discussions about potential interest rate cuts by the U.S. Federal Reserve and political concerns in Europe.
Source: YAHOO