Oil Futures Climb as Middle East Tensions Escalate

The price of oil futures saw a significant increase on Wednesday as investors continued to assess the ramifications of the recent political changes in Syria and their regional implications. Notably, reactions in Israel and Iran to the power shift in Syria have added to the geopolitical uncertainties, driving up oil prices.

Meanwhile, reports indicate that United States President-elect Donald Trump prioritizes resolving the Ukraine conflict over addressing issues in the Middle East. This shift in focus could potentially influence global energy markets and further impact oil prices.

Market Impact: West Texas Intermediate (WTI) for January deliveries rose by 1.09% to $69.34 per barrel at 4:37 am ET. Similarly, Brent for February settlements increased by 1.05% to $72.94 per barrel a minute later.