Oil prices recorded a sharp increase yesterday amid concerns over the ongoing war between Russia and Ukraine, uncertainty surrounding Iran’s nuclear talks, and market relief that OPEC+ did not raise oil production as much as some had feared.
By 13:25 GMT, the price of a barrel of West Texas Intermediate (WTI) crude had risen by 4.87 per cent to reach $62.75, after briefly increasing by more than five per cent.
Brent North Sea crude also rose by 4.51 per cent, reaching $65.61 a barrel.
David Morrison, senior market analyst at the financial services firm, Trade Nation, said: “Traders had feared that OPEC+ would announce a significant increase in production.”
He added, “Prices were also lifted by the increased military activity between Ukraine and Russia reported over the weekend,”
Morrison also pointed out that “In addition, there were reports that the US may impose stricter sanctions on Moscow, and this helped boost prices.”