Oil prices surged due to geopolitical tensions and supply concerns

CNBC April 2, 2024, 02:00 PM UTC

Oil prices surged due to escalating conflicts in the Middle East and Ukraine. Brent crude reached $88.58 per barrel, the highest since October 2023. WTI stood at $84.97 per barrel. Geopolitical tensions and economic data drove prices up from a range of $75 to $85 per barrel. Ukraine's drone strike on a major Russian oil refinery in Tatarstan added to supply concerns.


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