Oil prices rose in European trading on Thursday, marking a second consecutive gain and approaching two-month highs amid escalating geopolitical tensions in the Middle East.
These developments outweighed the unexpected increase in US crude inventories, which had dampened hopes for a rise in demand during the summer season.
Prices
US crude climbed 1.1% today to $81.63 a barrel, after hitting a session low of $80.54.
Brent crude increased 1.2% today to $85.20 a barrel, with a session low of $84.12.
On Wednesday, US crude rose 0.2%, while Brent gained 0.4%, driven by growing geopolitical tensions.
Middle East Tensions
Border tensions between Israel and Lebanon are escalating, with the potential threat of another conflict that could involve other regional powers, including oil-producing Iran.
Turkey’s President Recep Erdogan expressed support for Lebanon and urged other countries in the region to do the same.