Oil prices rise as geopolitical tensions escalate following US military action in the Middle East.
West Texas Intermediate crude oil prices approached $89.50 in early European trading on Thursday. The move follows renewed US airstrikes against Iran-backed targets, heightening supply disruption concerns in the region.
Prior to the strikes, WTI had traded near $88.50, with analysts citing stable demand and OPEC+ production cuts as key supports. The latest geopolitical flare-up adds to existing tensions in the Middle East, a critical oil transit corridor.
Markets remain cautious as investors assess the potential for further escalation and its impact on global oil flows.