Oil prices rose on Wednesday from their lowest levels in several months due to concerns that the simmering conflict in the Middle East may negatively affect oil production, even as concerns persist about weak demand for crude oil.
Brent crude futures rose $2.18, or 2.85%, to $78.66 per barrel. US West Texas Intermediate crude rose $2.4, or 3.28%, to $75.60.
Latest Oil Prices
WTI Crude $75.38 +2.18 +2.98%
Brent Crude. $78.44 +1.96 +2.56%
Murban Crude $77.04 +2.01 +2.68%
Natural Gas $2.102 +0.092 +4.58%
Louisiana Light $76.40 +0.04 +0.05%
Bonny Light $86.00 -0.62 -0.72%
Mars US $75.97 -1.40 -1.81%
Gasoline $2.364 +0.037 +1.61%
On Monday, Brent crude futures fell to their lowest levels since early January, and West Texas Intermediate crude futures touched their lowest levels since February as the global stock market fell amid fears of a possible recession in the United States after weak jobs data. .
Crude oil prices broke a series of declines that lasted for three sessions yesterday, Tuesday, and tensions in the Middle East continued to fuel concerns about supplies in the trading session on Wednesday.
The Middle East is preparing for a possible new wave of attacks by Iran and its allies following the assassination of the head of the political bureau of the Palestinian resistance movement (Hamas) in Tehran and a senior leader of the Lebanese Hezbollah group in Beirut, which raised fears of the outbreak of a broader war in the Middle East.
US Secretary of State Anthony Blinken said that US officials are in contact with allies and partners in the region and that there is a “unanimous agreement” that no party should take any actions that lead to an escalation of the situation.
"Any escalation of the conflict in the Middle East could increase the risk of disruption to supplies from the region," said Daniel Haynes, an analyst at ANZ.
Prices fell earlier in today's session after US data showed an unexpected increase in crude oil and gasoline inventories.
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