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Oil prices rise on Middle East tension, global market recovery

27 March 2018 05:47 (UTC +04:00)

Oil prices rose on Tuesday, pushed up by concerns that tensions in the Middle East could lead to supply disruptions, APA reports quoting Reuters.

Hopes that behind-the-scenes talks between the United States and China will prevent a looming trade war between the world’s two biggest economies also supported global markets, including crude oil futures.

U.S. West Texas Intermediate (WTI) crude futures were at $65.71 a barrel at 0142 GMT, up 16 cents, or 0.2 percent, from their previous close.

Brent crude futures were at $70.25 per barrel, up 13 cents, or 0.2 percent.

James Mick, Managing Director and Energy Portfolio Manager with asset management firm Tortoise, said “rising geopolitical tensions” were driving up oil prices. The biggest risk was that the United States could re-introduce sanctions on Iran.