Oil prices hit 5-month highs with supply concerns amid geopolitical tension

Oil prices reached their highest level since October 2023, supported by geopolitical tension fueling concerns about global supply disruptions, Anadolu reports.

International benchmark Brent crude traded at $90.83 per barrel at 10.57 p.m. local time (0757 GMT), a 0.20% rise from the closing price of $90.65 per barrel in the previous trading session.

At the same time, the American benchmark West Texas Intermediate (WTI) traded at $86.58 per barrel, a 0.01% decline from the previous session's close of $86.59 per barrel.

Attacks in the Red Sea, one of the world's most frequently used sea routes for oil and fuel shipments, continue to influence oil prices.

Because 65% of market participants predict that the US Federal Reserve will cut interest rates in June, the US dollar is projected to weaken relative to other currencies. If this bears out, oil purchases are likely to be cheaper for other currency holders, and the ensuing surge in trading will bolster prices.