The Economic Times

Why are oil prices up today, and will Brent crude futures and US WTI rates rise sharply in near future? Oil rises as supply fears return

Why are oil prices up today, and will Brent crude futures and US WTI rates rise sharply in near future? Oil prices increased as hopes for a peace deal faded and supply fears returned. The Strait of Hormuz risk, lower OPEC output, falling US crude stocks, and US-China tensions pushed markets higher. Analysts now warn that prices may rise more if the conflict continues or if shipping routes remain disrupted.