Global crude oil prices reported a second straight weekly gain and hit six-month high levels as markets watched for signs of any direct conflict between Israel and Iran that could further tighten supplies. This sudden uptick in crude oil prices has reignited fears of inflationary pressures and instilled fresh concerns among global central bankers, policymakers, and investors.
The Brent and US West Texas Intermediate (WTI) crude oil benchmarks rose more than $1 a barrel during trade in the previous session driven by geopolitical tensions. Brent crude settled at $91.17 a barrel, up 52 cents, or 0.57 per cent. US WTI crude finished at $86.91 a barrel, up 32 cents, or 0.37 per cent. Both benchmarks settled on Thursday at their highest levels since October.
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Published: 06 Apr 2024, 10:34 PM IST