rafidainscope - Global oil markets witnessed a noticeable increase in crude prices for the second consecutive session, influenced by escalating geopolitical tensions in the Middle East and growing concerns over the potential disruption of vital energy supplies.
Trading indicators showed an upward trend in both Brent and West Texas Intermediate futures, coinciding with economic data indicating that exports from major producers in the region reached their highest levels in recent months, reflecting the markets' heavy reliance on shipments originating there.
As investors monitor the outcomes of the current crises, economic experts believe that resorting to alternative shipping options and complex maritime transport operations will contribute to keeping freight costs high. They confirm that the security of strategic waterways will remain
the primary driver of global energy market trends in the coming period.
