Global oil prices rose during trading today, March 26, recovering from losses in the previous session, amid growing concerns that continued conflict in the Middle East could further disrupt global energy flows.
Brent crude was trading up 2.4% at $104.67 a barrel, at 09:01 am Makkah time. West Texas Intermediate (WTI) rose 2.3% to $92.38 a barrel.
There is a sense of pessimism in the markets regarding the possibility of a ceasefire, especially after statements by the Iranian Foreign Minister confirming that there is no intention to hold talks to end the conflict, despite Tehran reviewing an American proposal, Reuters reported.
Meanwhile, official data showed that US crude oil inventories rose by 6.9 million barrels to 456.2 million barrels in the week ended March 20, their highest level since June 2024.
Global oil prices rose during trading today, March 26, recovering from losses in the previous session, amid growing concerns that continued conflict in the Middle East could further disrupt global energy flows.
Brent crude was trading up 2.4% at $104.67 a barrel, at 09:01 am Makkah time. West Texas Intermediate (WTI) rose 2.3% to $92.38 a barrel.
There is a sense of pessimism in the markets regarding the possibility of a ceasefire, especially after statements by the Iranian Foreign Minister confirming that there is no intention to hold talks to end the conflict, despite Tehran reviewing an American proposal, Reuters reported.
Meanwhile, official data showed that US crude oil inventories rose by 6.9 million barrels to 456.2 million barrels in the week ended March 20, their highest level since June 2024.
