Geopolitical Tensions Escalate, Driving Global Oil Prices Higher

Oil prices saw a significant increase on Thursday, reaching their highest levels in over six weeks, driven by escalating geopolitical tensions. This rise follows a new round of strikes launched by the United States in the region and continued Houthi attacks in Yemen targeting vessels in the Red Sea. By 04:18 GMT, Brent crude futures rose by $2.11, or 2.24%, to $96.18 per barrel, marking its highest level since June 8. Brent crude also increased by over $3 to $94.07 at the close of the previous session. Similarly, U.S. West Texas Intermediate (WTI) crude climbed by $1.53, or 1.76%, to $88.36 per barrel, after a nearly 3% rise recorded on Wednesday, according to international news agencies.