Oil prices continue to rise amid concerns over global supply.
Oil prices rose on Wednesday, extending gains from the previous day amid escalating tensions between the United States and Iran, which have rekindled fears over global supply.
Brent futures increased by 65 cents, nearly 1%, to settle at $67.98 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude reached $63.90 a barrel, climbing 69 cents, a rise of 1.1%.
Both benchmarks had already seen a nearly 2% increase on Tuesday, buoyed by the announcement of a trade agreement between the United States and India, which strengthened expectations for an increase in global energy demand.
Furthermore, the continuation of Russian attacks in Ukraine has reignited concerns about a prolonged maintenance of sanctions targeting Russian oil, thus contributing to support prices in international markets.
