Crude Oil Prices Surge Amid Geopolitical Tensions

Crude Oil Prices Surge Amid Geopolitical Tensions

VoM News Desk | March 13, 2024 | 10:47 PM IST | Energy | Follow on Google News

Crude Oil Prices Surge Amid Geopolitical Tensions/Reuters

Crude Oil Prices Surge Amid Geopolitical Tensions

International crude oil prices experienced a notable surge of two percent on Wednesday, March 13, fueled by Ukrainian attacks on Russian refineries, which threatened supply disruptions. Additionally, a decline in US crude inventories further supported the upward trajectory of prices.

Supply Concerns and Inventory Decline

The Energy Information Administration (EIA) reported a significant drop of 1.5 million barrels in US crude stockpiles, bringing the total to 446.99 million barrels as of the week ending March 8.

Benchmark Performance

Brent crude futures for May rose by $1.54, or 1.88 percent, reaching $83.46 per barrel. Similarly, the US West Texas Intermediate crude for April climbed by $1.59, or 2.05 percent, to $79.15 per barrel, according to Reuters. Despite the rally, Brent prices remained range-bound.

Outlook Amidst Geopolitical Uncertainty

The surge in crude oil prices underscores the vulnerability of the market to geopolitical tensions and supply disruptions. Investors are closely monitoring developments in Ukraine and Russia, as any escalation could further impact global oil supplies and prices.

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