New York, Jan 29, (dpa/GNA) – Oil prices have climbed to their highest level in four months, with a barrel of North Sea Brent crude for March delivery hovering at $68.41 on Wednesday, up 84 cents from the previous day.
West Texas Intermediate crude, was up by 97 cents to $63.36 a barrel.
The gains pushed both benchmarks to their highest levels, since the end of September.
The primary catalyst for the rise appeared to be geopolitical tensions, with investors focusing on developments in Iran, a member of the OPEC oil producers’ group.
US President Donald Trump has threatened Iran over its crackdown on recent protests, against the country’s authoritarian leadership and has stepped up it military presence in the region.
According to commodities experts at Standard Chartered, sentiment in the oil market has shifted, with greater price volatility expected than previously anticipated.
Crude oil prices are the main driver of heating oil and fuel costs, and the increase could lead to higher expenses for consumers.
GNA