Key Points
Oil prices continued their upward trajectory amid investor apprehensions regarding potential disruptions in supply due to escalating geopolitical tensions, on Wednesday..
Brent crude futures climbed by 84 cents, representing a 0.9% increase, reaching $89.76 per barrel by 11:38 a.m..
What's weighing on crude oil prices?Brent and WTI futures have surged to their highest levels in over five months, maintaining this momentum for three straight sessions..
This rally is driven by apprehensions regarding Ukraine's recent assaults on Russian refineries, alongside fears of a potential escalation of conflict in the Middle East, both of which could disrupt oil supplies.Iran has pledged retaliation against Israel following an assault on Monday that resulted in the death of senior military figures..
In a note released on Wednesday, Bank of America Global Research revised its 2024 Brent and WTI forecasts upward to $86 and $81 per barrel, citing strengthening demand and increasing political tensions..
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