Brent crude rises to $102.7 amid renewed Middle East tensions
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Brent crude oil prices climbed to $102.7 per barrel in international futures markets, reflecting renewed volatility in global energy trading.
The benchmark had previously risen to $102.31 during the session before closing the previous trading day at $101.91. As of 09:12 local time, Brent futures were up 0.7 percent, continuing an upward trend in early trading.
At the same time, West Texas Intermediate (WTI) crude was trading at $93.9 per barrel.
Market movements followed developments in geopolitical tensions involving the Strait of Hormuz, where reports of maritime incidents and increased enforcement actions have raised concerns over supply security.
Oil prices had briefly eased after US President Donald Trump announced an extension of the ceasefire with Iran. However, renewed reports of Iranian naval interventions involving foreign vessels in the region pushed prices back above the $100 threshold.
Analysts note that uncertainty surrounding maritime security in key shipping lanes continues to exert upward pressure on global oil benchmarks, particularly Brent crude.(ILKHA)
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Brent crude prices climbed above the $100 mark as reports that negotiations between the United States and the Islamic Republic of Iran had reached a deadlock increased concerns over continued tensions and possible disruptions to global oil supplies.
