Oil prices edge higher as markets assess Iran tensions and global fuel supply

Summary

• LONDON:  Global oil prices edged higher as investors assessed rising tensions involving Iran, improving regional crude supplies and efforts to address diesel shortages in international markets.
• Oil prices continue to respond rapidly to developments involving Iran and other major oil-producing countries, while traders are also assessing global demand and the availability of crude and refined products.
• The latest movement in Brent and WTI prices reflects continued uncertainty over whether tensions in the Middle East will lead to a sustained disruption in global energy markets or whether additional supplies and emergency measures will help stabilize prices.

AI Generated Summary

LONDON:  Global oil prices edged higher as investors assessed rising tensions involving Iran, improving regional crude supplies and efforts to address diesel shortages in international markets.

Brent crude futures rose by 29 cents to reach $102.60 per barrel, while US West Texas Intermediate (WTI) crude gained 27 cents to $93.14 per barrel. The modest increase came as traders continued to monitor developments in the Middle East and their potential impact on oil production, exports and global fuel supplies.

Oil prices had recorded a more significant increase on Thursday following reports that the United States was preparing to deploy a third aircraft carrier to the Middle East along with an additional 10,000 troops. The reported military deployment heightened concerns among market participants that an escalation in regional tensions could disrupt crude production and transportation routes.