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Oil prices rose around 3% on Thursday, reaching their highest level since December, driven by economic data and geopolitical tensions.
Brent oil futures contracts closed up 2,99%, reaching US$82,43 per barrel, good news for the oil market. Oil prices rose around 3% this Thursday, reaching their highest level since December. US economic data showed faster-than-expected growth in the last quarter, further boosting the oil appreciation.
Furthermore, tensions in the Red Sea have kept global trade disrupted, with a direct impact on crude oil prices. United States West Texas Intermediate crude also rose 3,02% to $77,36. Geopolitical tensions in the Middle East and the disruption of shipping in the Red Sea corridor remained in focus, indicating a scenario of instability for the oil market.
Impact of geopolitical tensions on oil prices
Os oil futures suffered a sharp drop due to geopolitical tensions in several producing regions. Brent crude fell 5,1% to $69,79 per barrel, while West Texas Intermediate oil fell 4,9%, to US$65,46 per barrel. Economic data show that faster growth in demand for crude oil was overshadowed by rising inventories in the United States.
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The recent explosions forced the interruption of the maritime transport of military supplies in a key producing region. This temporary interruption may affect the results season of energy companies, especially those operated by its subsidiary. However, analysts believe that the impact of geopolitical tensions on oil prices will be temporary, and prices should stabilize once the situation is resolved.
Meanwhile, investors are paying attention to discussions about the future of oil, with speculation about a possible reduction in supply amid geopolitical tensions. Uncertainty surrounding oil prices has led traders to seek information about inventory levels and production policies from OPEC and other major oil producers.
Despite recent turbulence, experts still maintain an optimistic outlook for long-term oil prices, considering the global demand outlook and ongoing efforts to balance supply and demand. The oil market continues to be influenced by complex factors, but analysts are confident that oil prices will eventually stabilize, considering the key role that oil plays in the global economy.
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