Oil prices rose on Thursday due to concerns over supply disruptions driven by escalating geopolitical tensions in the Middle East and Europe. Brent crude futures increased by 0.53% to $85.70 a barrel, while U.S. West Texas Intermediate crude climbed 0.4% to $81.22.
Heightened conflict between Israel and Lebanon’s Hezbollah has fueled fears of a broader war involving major oil producer Iran. French authorities have called for restraint amid rising tensions.
In Europe, Russia’s potential downgrade of relations with the West over the Ukraine war adds to the market’s unease. Despite these geopolitical pressures, an unexpected rise in U.S. crude and gasoline stockpiles, reported by the EIA, limited further gains in oil prices.
