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International Business Times

World

Jarin Noshin

Oil Prices Surge To 6-Month Highs Amid Geopolitical Tensions, Supply Threats

Oil Middle East Eastern Europe

Oil prices surged on Tuesday to their highest levels since October 2023, driven by escalating geopolitical tensions and fresh threats to global oil supplies.

International benchmark Brent crude futures for June delivery traded at $88.61 per barrel at 9.30 a.m., marking a significant increase of $1.20 per barrel from the previous session. Similarly, U.S. West Texas Intermediate (WTI) futures with May expiry stood at $85 per barrel, up roughly $1.30 per barrel.

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