Crude oil prices reach highest level in 5 weeks

Pars Today – Amid ongoing tensions in West Asia, crude oil prices has risen by about 2 percent, reaching their highest level in five weeks.

According to Pars Today, citing IRNA, Brent crude futures rose by $1.79, or 2.0 percent, to $91.01 per barrel, while U.S. West Texas Intermediate crude rose by $1.68, or 2.0 percent, to $84.91 per barrel.

This was the highest closing price for Brent crude since June 10 and for WTI crude since June 11.

Analysts at the consulting firm Gelber & Associates stated: "This price increase is not necessarily due to a reduction in oil production, but rather because, from the market's perspective, conditions will remain volatile throughout the week, especially if Saudi oil exports to Asia or Red Sea shipping face further disruption."

Notably, on Tuesday, two oil tankers carrying Saudi crude to Asia changed course in the Red Sea following warnings from Yemen's Ansarullah.