Oil prices rise sharply due to geopolitical tensions – Middle East Monitor

Oil prices recorded a sharp increase yesterday amid concerns over the ongoing war between Russia and Ukraine, uncertainty surrounding Iran’s nuclear talks, and market relief that OPEC+ did not raise oil production as much as some had feared.

By 13:25 GMT, the price of a barrel of West Texas Intermediate (WTI) crude had risen by 4.87 per cent to reach $62.75, after briefly increasing by more than five per cent.

Brent North Sea crude also rose by 4.51 per cent,…