Oil Prices Rise Amid Escalating Tensions and Global Supply Concerns

Oil prices rose by more than 1% in early trading today amid stalled diplomatic efforts between the United States and Iran, while markets continued monitoring developments in the Middle East and their potential impact on global energy supplies.

Brent crude futures climbed by $1.05, or 1.09%, reaching $97.05 per barrel, while U.S. West Texas Intermediate crude increased by $1.01, or 1.08%, to $94.77 per barrel.

Both benchmarks had closed the previous trading session at their highest levels in a week, supported by supply concerns and rising geopolitical tensions.

On the supply side, data released by the American Petroleum Institute showed that U.S. crude oil inventories fell by 6.8 million barrels last week, marking the seventh consecutive weekly decline.

Distillate inventories also dropped by 214,000 barrels, while gasoline inventories increased by 3.5 million barrels during the same period.