Oil Prices Rise as Geopolitical Tensions in Middle East and Russia Offset Increased Crude Output

Oil prices saw a modest increase on Thursday, with Brent crude trading near $92–93/bbl and WTI around $86–87/bbl, as persistent geopolitical tensions in the Middle East and Russia outweighed the impact of rising OPEC+ production. Reports indicate ongoing disruptions in the Strait of Hormuz, a critical global oil shipment route, with tankers ablaze, oil spills, and infrastructure hit by drones and missiles. Iran's Revolutionary Guards Navy reported two supertankers disabled after striking naval mines in the Strait of Hormuz.