Oil prices increased following comments from former US President Donald Trump, who stated his intention to advance the deadline for Russia to agree to a truce in Ukraine. This declaration reignited fears that escalating tensions between Moscow and Western nations could disrupt global crude oil flows.
West Texas Intermediate (WTI) crude climbed by 2.4%, settling at its highest level in a week. Brent crude also saw a significant rise, surpassing $70 a barrel to close the session at its highest point in over two weeks.
The market reacted to the geopolitical developments, with investors pricing in the potential for supply constraints. The uncertainty surrounding the Russia-Ukraine conflict and international relations continues to be a key driver for oil price volatility, as concerns about the stability of crude supplies persist.
