Oil Prices Surge Amid Middle East Tensions and Supply Concerns

Brent and West Texas Intermediate crude oil benchmarks climb, hitting their highest levels since October due to geopolitical tensions and supply risks.

• Oil prices reach weekly gains over 4% as Middle East tensions escalate, particularly between Israel and Iran.
• Israel closes 28 embassies worldwide in anticipation of retaliatory strikes from Iran following a missile strike on its consulate in Damascus.
• Geopolitical tensions contribute to a rally in oil prices, with Brent crude surpassing $90 a barrel.
• OPEC+ maintains supply cuts, while ongoing conflicts and geopolitical risks heighten concerns over supply tightness.
• Global oil demand growth and economic improvement support the upward trajectory in oil prices.

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