Oil prices climb to 2-week high on supply worries
Oil prices edged up to a two-week high on Tuesday as sanctions raised concerns about Russian and Iranian oil supplies and on rising Middle East tensions, outweighing worries that trade tariffs would boost inflation and dampen global economic growth, AmericanDiary24 reports via Reuters.
Brent futures rose $1.13, or 1.5%, to settle at $77.00 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.00, or 1.4%, to settle at $73.32.That put both crude benchmarks up for a third day and at their highest closes since Jan. 28.
"With the U.S. bearing down on Iranian exports and sanctions still biting into Russian flows, Asian crude grades remain firm and underpin the rally from yesterday," PVM oil analyst John Evans said.
U.S. sanctions targeting tankers, producers and insurers have significantly disrupted shipments of Russian oil to leading importers China and India.
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