Oil Prices Surge to $103 a Barrel Amid Geopolitical Tensions
Oil prices have surged above $103 a barrel, driven by concerns over potential supply disruptions and geopolitical tensions. This comes after U.S. President Donald Trump denied that he would be willing to ease sanctions on Iran.
Brent crude futures rose by $1.14, or 1.11%, to reach $103.73 a barrel as of 01:30 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude climbed 34 cents, or 0.38%, to $89.72 a barrel.
The gains reflect ongoing market concerns over potential supply disruptions and geopolitical tensions, which continue to influence global oil prices. The Brent crude price is on track for a monthly gain of around 14%, its strongest increase since July, while WTI is set to post a 4% monthly rise after earlier climbing above $106 a barrel for the first time since May.