Oil prices rose by about 2 percent on Wednesday after U.S. crude stockpiles fell far more than expected, while investors awaited the outcome of efforts to end the conflict in Ukraine, with sanctions on Russian oil still in place.
Oil prices rose on Wednesday amid renewed supply concerns following U.S. President Donald Trump’s threat to impose tariffs on India for continuing to purchase oil from Russia.
Oil prices plunged more than 12% last week, ending a three-week rally, with experts expecting them to stabilize around $60 if the fragile ceasefire between Israel and Iran holds.
Oil prices fell on Monday as an easing of geopolitical risks in the Middle East and the prospect of another OPEC+ output hike in August improved supply expectations amid persistent uncertainty over the outlook for global demand.
Oil prices fell sharply for a second day after Israel confirmed a U.S.-brokered ceasefire with Iran, easing fears that the conflict would disrupt global energy supplies.
Crude oil prices inched higher on global exchanges, reflecting cautious optimism amid ongoing market fluctuations.
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