WASHINGTON (dpa-AFX) - Oil prices rose about 2 percent on Tuesday, with U.S. crude futures hitting $85 a barrel for the first time since October amid growing geopolitical risks and signs of improving demand in the U.S. and China.
Benchmark Brent crude futures jumped 1.7 percent to $88.90 a barrel, while WTI crude futures were up 1.8 percent at $85.21.
Oil prices held near a five-month high amid heightened geopolitical risks in the Middle East.
Iran has vowed to retaliate after it accused Israel of bombing its embassy complex in Syria on Monday, in a deadly escalation of regional tensions over the war in Gaza.
Tighter supply from Mexico also helped to buoy prices. Petroleos Mexicanos is cutting some oil exports over the next few months, Bloomberg News reported Monday, citing people familiar with the matter.
On the demand side, there are indications of potential demand improvement in China and the United States, the two largest oil-consuming nations in the world.
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