Oil prices rise due to continuing tensions in the Middle East

Baghdad, Oil prices rose today, Tuesday, after falling in the previous session, as investors continued to evaluate the risks resulting from geopolitical concerns in the Middle East.

Brent crude futures, the global standard, were trading up 27 cents to $87.27 per barrel by 0308 GMT, and US West Texas Intermediate crude futures rose 26 cents to $82.16 per barrel.

The two benchmarks fell by 29 cents in the previous session due to indications that the recent escalation of tensions between Israel and Iran had little impact on oil supplies from the region in the near term.

US crude oil inventories are expected to increase last week while refined product inventories are likely to decline, which will affect the monetary policy assessment, according to analysts’ opinions.

Source: National Iraqi News Agency