Brent Crude Oil Price Surpasses $95 Per Barrel Amid West Asia Tensions

Kathmandu. Amid growing concerns over potential disruptions to global oil supply due to escalating tensions in West Asia, the price of Brent crude surpassed 95 US dollars per barrel on Wednesday. This marks the first time Brent crude has reached this level in approximately six weeks.

The price of Brent crude, considered the international benchmark, briefly exceeded 95 US dollars per barrel during trading before slightly declining. The price of American 'West Texas Intermediate' (WTI) crude has also seen an increase.

According to analysts, the renewed military tensions between the United States and Iran, along with increased risks in oil transportation through the Strait of Hormuz and the Bab-el-Mandeb strait, have heightened market fears of supply disruptions.

Market participants have stated that rising geopolitical risks, coupled with a current supply shortage and a short-term increase in crude oil demand, have contributed to the price hike.

The trend of sharp increases in crude oil prices in recent weeks continued on Wednesday. Analysts have warned that if tensions in the Middle East further escalate, geopolitical risks could exert additional pressure on oil prices, potentially impacting the global energy market.