4 June 06:54
Oil prices rise 2% to two-week high amid geopolitical tensions
Gabriel Dumitrache
International
Foto: Shutterstock
Oil prices rose by 2% on Tuesday to their highest levels in two weeks, influenced by geopolitical tensions between Russia and Ukraine as well as between the US and Iran. Contracts for Brent and WTI crude oil saw significant increases, and analyst Harry Tchilinguirian pointed out that geopolitical risks have returned to oil prices. Wildfires in Canada have also affected output, and eurozone inflation has raised expectations for interest rate cuts that could boost oil demand.
Sources
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