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Oil prices rise due to geopolitical tensions and supply concerns

CNBC — April 5, 2024, 03:00 AM UTC

Summary: Oil prices rose, with Brent crude at $91.14 and WTI at $86.96 per barrel. ANZ analysts raised Brent's 3-month target to $95. OPEC+ maintained supply policy. Geopolitical tensions and supply concerns drove prices up. Ukrainian attacks on Russian refineries disrupted 15% of capacity. Global oil demand grew by 1.4 million bpd in Q1. Investors await U.S. employment report for economic insights. Brent and WTI are up over 4% this week.

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Timeline:

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

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  2. [6.6]
    Oil prices surge due to Ukraine strikes on refineries (CNBC)
    156d 11h

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  3. [4.3]
    Crude oil futures rose after OPEC+ meeting on 2024-04-03 (CNBC)
    157d 10h
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  4. [6.6]
    Oil prices surged due to geopolitical tensions and supply concerns (CNBC)
    158d 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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