Oil prices inched higher on ceasefire breach speculation, OPEC+ delays loomed
The global oil benchmark recorded a modest rise on Thursday, November 28, attributed to a potential flare-up of geopolitical tensions in the Middle East, delays in OPEC+ decisions, and subdued market activity due to the US Thanksgiving holiday.
The global oil benchmark recorded a modest rise on Thursday, November 28, attributed to a potential flare-up of geopolitical tensions in the Middle East, delays in OPEC+ decisions, and subdued market activity due to the US Thanksgiving holiday.
Brent crude edged up by $0.34 to close at $73.17/barrel as of GMT 2026.
WTI closed due to the Thanksgiving giving holiday.
Concerns of potential oil supply disruptions in the Middle East emerged following speculation of a ceasefire violation between Israel and Lebanon. Market sources also indicated that OPEC+ may consider delaying a planned oil output increase to January for further discussion. The group, which accounts for nearly half of global oil production, has upheld production cuts to stabilize prices.
Written by: Muhammad Hafiz