Global energy markets saw another upward push yesterday as rising geopolitical tensions and tightening global supply pushed both major oil benchmarks up nearly 2 percent. Market strategists noted that continued supply risks kept investors’ buying appetite unusually strong, giving fuel prices solid momentum.
The international benchmark, Brent crude, rose $1.68 (up nearly 2 percent) to settle at $84.98 a barrel. The performance builds directly on the previous session’s notable momentum, keeping global energy traders very focused on the asset’s momentum.
Meanwhile, US West Texas Intermediate (WTI) showed parallel strength. The US benchmark jumped $1.65 — a 2.1 percent gain — to take WTI crude to $79.79 a barrel by the end of trading.
The increase follows a stunning 9.6% rise in Brent crude during the previous session, marking its most dramatic one-day rally since May 2020.
Industry analysts have warned that if instability in the international market persists, further price volatility is likely, posing potential inflationary risks for energy-importing nations.
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