Geopolitical Unrest Fuels Oil Price Increase

As the conflicts in the Middle East and Ukraine show no signs of abating, oil futures have witnessed a significant uptick. This development underscores the sensitivity of global oil markets to geopolitical instability.

Market Response to Ongoing Conflicts

By 7:08 am ET, West Texas Intermediate (WTI) for June's settlements had climbed by 1.30%, reaching $63.09 per barrel. Similarly, Brent for June's deliveries saw a 1.10% increase, trading at $66.85 per barrel. These figures highlight the immediate impact of geopolitical tensions on oil pricing.