Oil Prices Surge Amid Middle East Conflict and Ukrainian Drone Strike
Oil prices rise to highest level since October amid escalating conflict in the Middle East and a Ukrainian drone strike on a major Russian oil refinery. Geopolitical tensions and economic data fuel the increase.
Key Points
- U.S. West Texas Intermediate contract for May delivery gained $1.44 to settle at $85.15 a barrel
- Brent contract for June delivery added $1.53 to $88.94 a barrel
- Indirect Iranian involvement in Middle East tensions
- Ukraine strikes Russian oil refinery with a drone attack
Pros
- Oil prices reaching highest level since October
- Investors closely monitoring fresh supply threats
- Heightened geopolitical risk and robust economic data contributing to the rise
Cons
- Escalating conflict in the Middle East
- Ukrainian drone strike on a major Russian oil refinery