WTI surpasses $100 per barrel
Oil prices climbed once again, with the West Texas Intermediate (WTI) breaking the symbolic $100-per-barrel mark and Brent crude approaching $116, amid no signs of de-escalation in the Middle East conflict.
The May contract for WTI, the US benchmark, rose by 3.50% to $103.13 just minutes after Asian markets opened. Brent crude, the North Sea benchmark, increased by 2.98% to $115.93 per barrel.
Market reaction driven by geopolitical risks
The ongoing conflict in the Middle East continues to push oil prices higher, as traders react to potential supply disruptions. Analysts warn that prices may remain elevated while tensions persist, keeping energy markets on edge.
The rise in oil prices may also have implications for global fuel costs, inflation, and economic forecasts in oil-importing countries.
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