ANKARA — Oil prices saw an uptick on Tuesday, driven by escalated tensions in the Middle East and ongoing conflicts that threaten global energy supply routes. The international benchmark Brent crude and the American benchmark West Texas Intermediate (WTI) both recorded increases, trading at USD90.93 and USD86.92 per barrel, respectively. The rising prices reflect market concerns over the potential for supply disruptions stemming from the conflict between Israel and Palestine and the continuing Russia-Ukraine war.
According to Philippines News Agency, Efforts to negotiate a ceasefire in Gaza have been hampered by Israel's intransigence, according to statements from the Palestinian group Hamas. This deadlock contributes to the heightened oil prices, as the Middle East holds the majority of the world's oil reserves. Market watchers are also anticipating inflation data from the US and China, the world's top two oil consumers, for further indicators of economic direction amid these geopolitical tensions.