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Editor in Chief Mohamed Wadie

Oil Prices Hit Highest Level since October amid Geopolitical Turmoil

Wed 03 Apr 2024 | 04:31 AM
Oil barrels
Oil barrels
Taarek Refaat

US crude futures prices crossed the $85 level for the first time since October, reaching the latest leg of the rise supported by OPEC+ supply cuts, strong demand, and increasing geopolitical risks.

Oil prices jumped this week in light of escalating tensions in the Middle East, with Iran vowing to take revenge on Israel for an air strike on its embassy in Syria that killed a senior military commander.

The price of crude rose 19% this year, driven by strong global consumption and the extension of production cuts by the OPEC+. The alliance is expected to confirm its current production policy at a review meeting scheduled for Wednesday.

Meanwhile, Chinese manufacturing data this week showed signs of economic recovery in the world's largest oil importer.

The price of West Texas Intermediate (WTI)  rose 1.7% in New York, and the price of global Brent crude also rose 1.7% to settle near $89 per barrel.

Latest Prices

WTI CRUDE • $85.17 +0.02 +0.02%

BRENT CRUDE • $89.02 +0.10 +0.11%

MURBAN CRUDE • $89.53 +1.69 +1.92%

NATURAL GAS • $1.850 -0.012 -0.64%

LOUISIANA LIGHT • $88.04 +1.08 +1.24%

BONNY LIGHT • $91.37 +2.40 +2.70%

OPEC BASKET • $87.33 +2.35 +2.77%

MARS US • $77.67 -1.57 -1.98%

GASOLINE • $2.769 +0.010 +0.37%