Oil rises over 2% as Brent exceeds $93

Oil prices rose by more than 2% today, reaching their highest levels in a month, due to concerns over the ongoing conflict between the United States and Iran, which disrupts Middle Eastern supplies and reduces global availability. Brent crude traded at around $93.55 per barrel, while West Texas Intermediate was at $87.56, amid continued escalation and tensions between the two sides, as well as impacts on the shipping traffic through the Strait of Hormuz, which used to account for about one-fifth of the world's consumption before the war. The market remains uncertain regarding negotiations to resolve the conflict, with oil flows declining and inventories in the United States decreasing, despite an increase in weekly crude oil stockpiles.

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