Oil prices rise as geopolitical tensions escalate after Kuwait reports missile and drone attacks targeting its territory.
West Texas Intermediate crude oil prices advanced to $88.45 in early European trading Monday, extending gains after Kuwait’s military reported missile and drone strikes. The attacks heightened supply concerns amid ongoing geopolitical risks in the Middle East.
Prior to the incident, WTI had traded near $88.00, supported by expectations of tightening global supply. Comparable periods saw similar price reactions to regional conflicts, though sustained moves often depend on supply disruptions.
Markets are monitoring developments closely, with futures indicating cautious buying interest following the news.