Oil prices rise as Brent nears $79

Oil prices continued to rise in global markets. Brent crude futures traded on ICE Futures Europe rose by more than 1%, moving above $78 per barrel.

U.S. West Texas Intermediate (WTI) crude futures on NYMEX also gained, rising above $74 per barrel.

The increase came amid renewed geopolitical tensions in the Middle East and concerns over supply risks around the Strait of Hormuz, one of the world’s key energy transit routes.

Market participants are watching the impact of tensions between the United States and Iran on oil shipments and global supply chains.

N.Tebrizli