Oil prices surged amid escalated tensions in Eastern Europe

Global crude oil prices climbed nearly 2% on Thursday, November 21, as escalating tensions in Eastern Europe fueled concerns over potential disruptions to Russia’s oil supply. Analysts warn that any attack on Russian oil infrastructure could significantly impact global supplies. Adding to the upward pressure, signs of a demand recovery for refined products in the United States supported the price increase.

Brent crude rose by $1.42, to close at  $74.23/barrel. 

WTI increased $1.35, to settle at $70.10/barrel.

Despite these gains, the rally was tempered by weaker demand in China and a stronger US dollar, which makes oil more expensive for international buyers. Additionally, concerns over a potential supply surplus in the coming quarter—driven by OPEC+ plans to increase production—kept prices from climbing further.

Written by: Muhammad Hafiz