Oil prices rose due to investor concerns over the supply of crude oil and fuel. Reasons for concern include Ukrainian attacks on Russian refineries and the possibility of an escalation of the conflict between Israel and Hamas. This was reported by Reuters.
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Brent oil futures rose by 17 cents to 89. $09 per barrel. WTI crude futures rose 7 cents, or 0.08%, to $85.22 a barrel.
Both Brent and WTI crude rose 1.7% in the previous session. reaching their highest level since October.
Prices rose sharply after another Ukrainian drone attack on a Russian oil refinery threatened to knock out even more of the country's refining capacity, slashing gasoline and diesel production. Russia is one of the world's three largest oil producers and one of the largest exporters of petroleum products.
Investors are also concerned that possible retaliation by Iran against Israel for the attack that killed senior military officials could lead to supply disruptions in this key production region in the Middle East. Iran, which supports Hamas militants fighting Israel in Gaza, is the third largest oil producer among OPEC (Organization of Petroleum Exporting Countries) member countries.