Oil prices continued rising this week, with Brent crude reaching around $66 per barrel on Wednesday as markets priced in the risk of potential supply disruptions from Iran amid escalating geopolitical tensions and civil unrest.
Gatekeepers News reports that Brent futures rose for a fifth straight session, while U.S. West Texas Intermediate also strengthened as traders reacted to threats of conflict and possible impacts on oil exports.
Analysts attributed the gains to geopolitical risk premiums linked to fears that internal unrest and military tensions involving Iran could disrupt its oil output or exports, even though physical supply disruptions have not yet occurred. Tehran warned of retaliation against U.S. allies if attacked, which added to market unease.
Despite the run-up, some price gains were slightly pared as crude stocks in the United States grew and Venezuela resumed shipments, which eased some supply concerns.
However, traders remain focused on Middle East risks, with Iran’s significant role as an OPEC producer and its proximity to the Strait of Hormuz, a critical global oil transit route, keeping markets alert to potential supply shocks.
