Brent and WTI rise as Iran-US conflict risks grow and supply concerns tighten global market outlook
Image:Istock
Global oil prices rose on Wednesday, extending gains from the previous session amid rising geopolitical tensions in the Middle East and stalled US-Iran negotiations.
Brent Crude futures climbed 81 cents to $96.81 a barrel, while WTI Crude rose 91 cents to $94.67.
Market sentiment remained supported after reports of renewed missile exchanges involving Iran and Gulf states, including Kuwait and Bahrain.
Traders also reacted to concerns over tightening global supply and warnings of low inventory levels ahead of peak summer demand.
Analysts said stalled diplomatic progress between the US and Iran, along with ongoing conflict risks in the region, are adding a risk premium to oil prices.
The market also awaits updated US inventory data, which is expected to provide further direction for crude price movements.
Get smarter resp
