Oil prices jumped on Tuesday as ongoing conflicts in Ukraine and Gaza stoked fresh concerns over global crude supply from Russia and the Middle East. At 5:02 am ET, West Texas Intermediate (WTI) rose 1.56% to $65.73 per barrel, while Brent crude gained 1.50% to $69.20 per barrel.
The rally comes as traders await the latest U.S. stockpile data from the American Petroleum Institute (API), which could offer more clarity on near-term demand.
Supply fears were triggered after a Ukrainian drone attack on Russia’s Rostov region overnight forced the evacuation of more than 300 residents. Russia’s defense ministry reported that 13 drones were destroyed, though damage to residential buildings and minor injuries to civilians were confirmed.
The twin pressures of geopolitical tensions and uncertainty over U.S. inventories are keeping oil markets volatile, with analysts warning that any escalation could push prices even higher.
