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Oil prices surged due to geopolitical tensions and supply concerns

CNBC — April 2, 2024, 02:00 PM UTC

Summary: 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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Timeline:

  1. [6.6]
    Oil prices rise due to geopolitical tensions and supply concerns (CNBC)
    155d 21h

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  2. [6.2]
    Oil prices spike, stocks drop amid Middle East tensions (Financial Times)
    156d 1h

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  3. [6.6]
    Oil prices surge due to Ukraine strikes on refineries (CNBC)
    156d 11h

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  4. [4.3]
    Crude oil futures rose after OPEC+ meeting on 2024-04-03 (CNBC)
    157d 10h
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  5. [6.6]
    Oil prices rise on demand, Middle East tensions, hitting $87.79 (CNBC)
    158d 18h

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  6. [5.3]
    Oil prices dip slightly, OPEC+ extends cuts, supply impacted (CNBC)
    159d 20h

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  7. [5.8]
    Brent crude prices fluctuated in FY24 due to OPEC+ actions (Mint)
    161d 7h

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