Global oil prices rose to their highest since mid-summer last year on rising geopolitical risks. Investors are worried about a possible escalation of the conflict between the US and Iran, which could affect global energy supplies, Reuters reports.
Brent futures rose to USD 71.22 a barrel (+0.64%), while WTI rose to USD 66.05 (+0.64%). Brent hit its highest level since July 31, while WTI hit its highest level since August 4, holding near those levels.
The main driver of the growth was concerns that a potential prolonged conflict between Washington and Tehran could disrupt oil exports from the region. Amid the tensions, reports emerged of intensified talks between Iran and China on the purchase of anti-ship missiles, which could theoretically be directed against US naval forces near the Iranian coast.
At the same time, another factor is holding back the market - the growth of inventories in the US. According to the American Petroleum Institute, last week, crude oil inventories in the country increased by 11.43 million barrels, although gasoline and distillate inventories decreased.
Thus, the oil market is under the influence of two opposing trends at once - geopolitical tensions, which support prices, and excess supply, which may limit further growth.
As Ukrainian News Agency earlier reported, according to Bloomberg, in January this year, russian oil companies produced approximately 300,000 barrels per day less than in December 2025.
Meanwhile, in January, russia's oil and gas revenues amounted to less than RUB 400 billion. This is the worst result since the end of the COVID-19 pandemic.
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