Global oil prices rise again: WTI and Brent near $97

Islamabad: Global crude oil prices have seen a rise once again, due to which the US West Texas Intermediate (WTI) has reached about $97 per barrel, while Brent crude oil prices have also been recorded near the same level, which is related to the ongoing tension in the Middle East and energy supply risks.

Investors and analysts have clarified that tensions in the Gulf region, including the Strait of Hormuz, potential supply disruptions and political instability have led to a rise in oil prices in global markets again — an effect that has come to the fore after the big drop in oil yesterday.

In recent trade, WTI crude oil prices reached around $97.12, up around 2.87% from the previous session, while Brent was also firming at the same level.

Economists said the rise was due to global political tensions, especially in the Middle East, and concerns about the key energy supply corridor, where expectations of disruptions in oil supplies have affected investors’ strategies.

In this regard, US President Donald Trump’s recent statements have also affected the market. Trump has said that US forces will maintain control in the Middle East and will be ready until the full agreement is implemented, while he also reiterated his commitment to preventing Iran from acquiring nuclear weapons.

President Trump further clarified that the Strait of Hormuz will be kept safe, open and available for global trade at all times so that the supply of oil and other essential goods is not affected.

Economists say that if tensions in the region persist, oil prices are likely to rise further, which will have an impact not only on the international economy but also on importing countries, public energy prices and consumers.

Analysts have further said that uncertainty in global oil markets may persist until key supply routes such as the Strait of Hormuz are fully restored and tensions ease, otherwise prices could rise to higher levels.