Oil climbed to two-month highs on summer demand hope, supply concerns
Escalating tensions in the Middle East and the European Union, coupled with the onset of the hurricane season in the Caribbean, have added a significant risk premium to the market
International benchmarks for crude oil extended their upward trajectory on Monday, 01 July, driven by heightened concerns over the supply outlook. Escalating tensions in the Middle East and the European Union, coupled with the onset of the hurricane season in the Caribbean, have added a significant risk premium to the market as it heads into the peak summer demand season.
Brent crude rose by $1.60, or 1.9%, to settle at $86.60/barrel, marking its highest settlement since 30 April.
West Texas Intermediate (WTI) crude surged by $1.84, or 2.3%, to close at $83.38/barrel, its highest settlement since 26 April.
Written by: Rochelle Nguyen