Oil prices edged higher, driven by fears of supply disruptions from ongoing sanctions and a sharp drop in U.S. crude stockpiles. These factors amplified market tensions, sustaining a bullish sentiment despite uncertainties surrounding global economic growth.
Tighter sanctions targeting major oil-exporting nations have intensified worries about reduced supply chains. Concurrently, the Energy Information Administration reported a significant decline in U.S. crude inventories, reinforcing demand expectations. Analysts suggest that persistent geopolitical risks combined with tightening supplies could push oil prices higher in the short term.
This rise comes as traders continue to monitor broader macroeconomic conditions, including interest rate policies and the strength of global demand. With market volatility expected to remain elevated, oil prices are poised for further fluctuations.
