The recent climb in crude oil prices could continue amidst escalating geopolitical tensions, triggered by a Ukrainian drone strike that caused a fire at a major oil terminal in Russia's port, heightening concerns over supply disruptions.
These rising geopolitical tensions in Europe and the Middle East continue to support crude prices due to risks of disruptions to global supply chains.
However, the increase in oil prices remains tempered by cautious remarks from US Federal Reserve officials regarding interest rates and inflation trends.
Crude oil stocks in the United States surged by 3.730 million barrels in the week ending June 7, according to the EIA Petroleum Status Report, surpassing market expectations of a 1.55-million-barrel decline and marking the largest increase in six weeks.
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