Oil Prices Surge To $90 Amid Rising Geopolitical Tensions

Oil Prices Surge To $90 Amid Rising Geopolitical Tensions

On Thursday, crude oil prices continued their upward trend, reaching $90.65 per barrel amidst escalating geopolitical tensions. Brent crude futures for June climbed by $1.30, or 1.5 percent, settling at $90.65 a barrel. Similarly, US West Texas Intermediate (WTI) futures for May rose by $1.16, or 1.4 percent, closing at $86.59 a barrel……READ ALSO Crude Oil Price Hits $85.67 Amid Growing Supply Concerns

These figures mark the highest levels for both contracts since October of the previous year, buoyed by recent geopolitical uncertainties and potential disruptions to the oil supply.

The surge in oil prices follows reports of heightened security measures at Israeli embassies across the US, prompted by increased threats of potential Iranian attacks on Israeli diplomats.

Iran, the third-largest producer within OPEC, has vowed retaliation against Israel following an attack on Monday that resulted in the death of senior Iranian military personnel.

Adding to the complexity, Washington issued a stern public admonition towards Israel on Thursday, its strongest since the onset of conflict with Hamas. The US warned that its policy towards Gaza would hinge on Israel’s actions to ensure the safety of Palestinian civilians and aid workers.

Simultaneously, the US imposed fresh counter-terrorism sanctions against Oceanlink Maritime DMCC and its vessels due to their involvement in shipping commodities on behalf of the Iranian military.

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