Oil prices surged on Tuesday, April 2nd, 2024, driven by concerns over potential supply disruptions in Russia and the Middle East. The benchmark Brent crude futures contract reached its highest level since October 2023, after a Ukrainian drone attack targeted a major Russian refinery. Additionally, Iran’s vow to retaliate against Israel for a deadly airstrike raised fears of a wider conflict in the Middle East.
Supply Disruption
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Oil prices edged higher on Wednesday, April 3rd, 2024, on concerns about tighter global crude supplies. A larger-than-expected decline in U.S. crude oil inventories and ongoing geopolitical tensions in the Middle East fueled investor worries.