Oil Prices Experience Significant Surge Amid Geopolitical Escalations

Rising Tensions Impact Global Energy Markets

Oil prices recorded a substantial increase of more than 2% on Monday as geopolitical tensions in Ukraine and the Middle East intensified, sparking concerns about potential disruptions to global energy supplies. The Brent crude benchmark rose by US$1.30, or 2.1%, to US$61.94 per barrel, while West Texas Intermediate (WTI) futures climbed US$1.34, or 2.4%, to US$58.08 per barrel ³

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Geopolitical Developments Driving Price Movements

The price surge follows Russia's accusation that Ukraine launched a drone attack on President Vladimir Putin's residence in northern Russia ³

. This escalation in the ongoing conflict has heightened market concerns about potential supply disruptions from the region. Additionally, tensions in the Middle East continue to support higher oil prices as investors assess the geopolitical landscape ¹

Source 1

https://internasional.kontan.co.id/news/harga-minyak-menguat-2-investor-pertimbangkan-prospek-pasokan

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Source 2

https://internasional.kontan.co.id/news/harga-minyak-naik-senin-2912-pagi-brent-ke-us6121-dan-wti-ke-us5728

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Market Dynamics and Price Movements

The price recovery on Monday came after both benchmarks experienced declines of more than 2% on Friday ¹

. The intraday high for Brent reached US$61.97 per barrel, while WTI peaked at US$58.05 per barrel during early trading ¹

Source 1

https://internasional.kontan.co.id/news/harga-minyak-menguat-2-investor-pertimbangkan-prospek-pasokan

. Market participants are closely monitoring the situation in both Ukraine and the Middle East for further developments that could impact global oil supplies.