Reported 12 months ago
Oil prices remained near a two-month high as Hurricane Beryl, the first Category 5 hurricane of the season, threatened market disruptions while tensions in the Middle East escalated. West Texas Intermediate surpassed $83 per barrel and Brent hovered above $86 per barrel. Analysts are monitoring Hurricane Beryl's impact on Mexico's oil production and the Gulf Coast refining capacity, with potential disruptions anticipated. Rising summer demand and concerns of a broader conflict in the Middle East with Iran have also contributed to recent crude price increases, with predictions of prices dropping in 2025.
Source: YAHOO