Oil Prices Rise on Thursday

PUKMEDIA

Oil prices

Global oil prices continued their upward climb today, marking a fourth consecutive day of gains as market anxiety over potential supply disruptions escalates.

Brent crude, the international benchmark, traded around $73.50 per barrel, while West Texas Intermediate (WTI) rose to approximately $70.40. Both benchmarks saw modest increases of around 0.4% to 0.5% compared to the previous day.

The upward trend is being driven largely by geopolitical developments. The United States has threatened to impose 100% tariffs on countries still purchasing Russian oil, unless significant progress is made toward a ceasefire in Ukraine within the next fortnight. This has raised fears of tighter global supply, particularly if sanctions widen.

Meanwhile, U.S. crude inventories saw an unexpected build of over 7 million barrels, but this was somewhat offset by a sharp drop in gasoline stocks, indicating strong summer driving demand across North America.

Market analysts note that while short-term supply fears are pushing prices higher, conflicting signals from inventory data and global demand trends could temper gains in the coming weeks.



PUKMEDIA