Oil prices held near their highest levels in two weeks, supported by escalating tensions involving Russia and Iran. Concerns over potential supply disruptions in the Middle East have reinforced the bullish sentiment, keeping global crude benchmarks on the rise. Brent crude was last trading above $85 per barrel, while West Texas Intermediate remained steady near $80.
Analysts suggest the market is balancing geopolitical risks with concerns about global demand. Sanctions on Russian oil and heightened friction in the Middle East have fueled supply fears, but a weaker demand outlook, influenced by slowing economic growth, limits further gains. With geopolitical factors outweighing immediate demand constraints, the market’s focus remains on whether tensions will escalate further.
