The global price of oil rose to its highest level in seven months due to concerns about supply disruptions in the Middle East. Brent crude climbed 1.8% to $89 a barrel, while West Texas Intermediate crude rose 1.8% to $85 a barrel. This could lead to higher gasoline prices worldwide.
The global price of oil rose Tuesday to its highest level in seven months, propelled, in part, by concerns that mounting tensions in the Middle East could crimp supply. Brent crude, the world’s oil benchmark, climbed as much as 1.8% to $89 a barrel, the highest since early September, before paring those gains slightly mid-afternoon in Europe. Meanwhile, West Texas Intermediate crude, the US benchmark, also rose 1.8% to reach a five-month high of $85 a barrel.
Brent and WTI prices have risen 15% and almost 19% since the start of the year, respectively. This threatens a further rise in gasoline prices in the United States and elsewhere. Richard Bronze, co-founder and head of geopolitics at data firm Energy Aspects, said oil price rises were the outcome of a “build-up of momentum” over the past several week
Oil Price Global Middle East Tensions Supply Brent Crude West Texas Intermediate Gasoline
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